Legal Question in Bankruptcy in Illinois

Filing Chapter 7 while married

I have a lawsuit against me for a credit card debt of 11,790. The credit

card was in my name only. I haven't worked in 6 years as I stay home

with my kids. My husband is the only source of income and all the

assets are in his name. I have tried to make an offer to this firm but

they won't accept anything less than 80%. I was advised to file for

Chapter 7. I am concerned because although my husband makes a good

amount of money, we cannot pay this debt. We have made some bad

financial desicions and are trying to get back on track. Can I file for

Chapter 7 even though he makes a decent wage? Thank you for any

help.


Asked on 1/27/06, 11:11 pm

2 Answers from Attorneys
Charles Dobra Charles Wm. Dobra, Ltd.

Re: Filing Chapter 7 while married

Yes, you could file for bankruptcy, but there may be other options. This creditor is being a pain.... Question, do you have an interest in your "home", i.e., real estate? You should consult a BK lawyer.

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Answered on 1/29/06, 12:14 pm
Kevin Plachta The Law Office of Kevin F. Plachta

Re: Filing Chapter 7 while married

You could file for bankruptcy but if the only debt you have is this credit card then why on earth would you want to hurt your credit rating for the next 7+ years by filing for bankruptcy?

Although the creditor is saying they will only take 80 percent have you submitted your personal financial statement to them to show why you can not pay 80 percent? Do you have any money which can be used as a down payment on the debt and then structure a payment plan to be paid over the next 2-3 years? There are many options open to you besides filing bankruptcy.

If you would like to discuss this matter further please call my office.

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Answered on 1/28/06, 9:29 am


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