Legal Question in Bankruptcy in Michigan

Re: bankruptcy

Your husband would have the option of filing a bankruptcy in his own name or you can file jointly if it is determined that bankruptcy is in his or your best interests.

Most people do not lose their homes unless they have too much equity in the house which is quite unusual.

You can contact me at 248.679.1552 for more information about bankruptcy.

Rochelle Guznack

Re: bankruptcy

Your husband may file his own bankruptcy action without you having to file. Under the new bankruptcy laws, he must include your income on Schedule I (Income) and in the Means Test which is the heart of the new bankruptcy laws. Your income and credit will not be affected by his filing.

You will not lose your home as long as you continue making the payments on the mortgage and home equity loan. Assuming your husband is on the mortage and equity loan, the creditor holding those loans will submit a Reaffirmation Agreement to your spouse reinstating the terms of the loans (same interest rate, same monthly payment) and with that executed and filed with the court you keep the asset as long as you keep making the payments.