Legal Question in Bankruptcy in Arkansas

Re: credit card debt - don't want to loose home - which?

I would have to see the summons. It is very unusual for a credit card company to file an actual lawsuit over a late credit card debt of $5,000. Usually they turn you over to a collection agency. So, it would be difficult for me to say what the judgment would entail without knowing what type of action they have filed against you. It could mean that the debt would become nondischargeable after the judgment, even in bankruptcy.

Again, on the bank account taking, it depends on what type judgment we are talking about. They can not take any money from your husband's account unless he is on the credit card or judgment. They also can't reach any property or money that is in both you and your husband's name (as tenancy by the entirety. If you don't know what ten. by entirety is, it has to do with how property is owned by married couples. I can give more detailed explanation, if needed.)

I would need to talk to you more to advise you on what chapter of Bankruptcy you need to file. There are a number of factors that go into determining that.

Depending on what type of bankruptcy, it generally won't effect the spouse much, except when you are purchasing things in both of your names. That is because of the credit rating problems for you when you file Bankruptcy.

There is quite a lot that goes into a Bankruptcy filing that I can't go into here. I would be glad to discuss this with you further. I do not charge for an initial consultation. You may already have a local attorney (not sure where you are), but whether you call me or someone else, you need to act quick to reserve all your options, particularly the judgment action results.