Tony

“Dear Steve,

Between me and my wife we have over $70,000 in credit card debt. we spoke with a lawyer for chapter 7 to eliminate them . however i have 1 vehicle and my wife has 2 , they are clear with no payments on them . by law we aour only covered for about $2000 equity on them but between the 3 theres about $10,000 worth

Can i only file the chapter 7 and maintain my vehicle and have her go through a debt free program and pay her debt off that way , so she doesnt risk losing the vehicles in her name . we dont want to lose none of the vehicles

Tony”

The Answer

Dear Tony,

The simple answer is that you alone can file bankruptcy and that would discharge debts that you alone were responsible for. Any joint debts you have with your wife would then be the responsibility of your wife.

If your wife can afford it, she could attempt to repay her debt, plus any joint debts that would now be her responsibility after your bankruptcy through a debt management plan. Click here for debt management information.