Legal Question in Bankruptcy in California

Re: assests

You're asking how to commit perjury. My advice to you is - Don't! Get some professional advice and don't set yourself up for a prison sentence. Under certain facts everything you are asking might be OK i.e. just got married and the husband's stuff is his seperate property. Or other facts i.e. long term marriage, and all of the assets you are talking about is community property. And $20,000.00 is a paltry sum to attempt to discharge when probably none of the creditors would ever bother to sue you to recover their portion of the debt.

Re: assests

You are entitled to several exemptions under California law, and with the right schedules you can usually keep all your assets. For example, if you do not have any equity in your home, then you are entitled to claim over $17,500 in money and property as exempt. Household furniture and $1,900 equity in motor vehicles is also exempt. Even if you have too much to claim as exempt, you can always do a chapter 13 Bankruptcy, which is recommended over a chapter 7 and looks better on your credit report anyway. Also, with some intelligent financial planning you can convert your non-exempt property into exempt property, i.e. you can take money out of your bank account and buy more equity in you home (which can be exempt up to $75,000). If only you file, your husband's credit report will not show it, but you still will not be able to get major financing unless the lender sees both your credit reports. If you would like any more info, please call for a free consult.

Re: assests

If you file bankruptcy, you are obligated under penalty of perjury to disclose all your assets and liabilities. Since you may have a community property interest in your husband's property, you should disclose that property. You can specify on the bankruptcy form if it is his separate property (i.e. he had it before the marriage or acquired it during the marriage by gift), or if you have some share of the property as community property.

Your bankruptcy shouldn't affect his credit report.

Most likely you will be able to keep your furniture and your car, depending on their current value and the value of your other assets. I could give you a more definite answer if you called me at 818-240-0484.

Re: assests

It is better to disclose all of your asset...but applying proper exemptions you would be able to keep them. It is better to seek professional help. $20,000 credit card debt can be easily wiped off...if you do things right. I can help you for a nominal cost. Please call me at 818- 772-5012