Legal Question in Bankruptcy in Michigan
Should my wife declair bankruptcy?
my wife just found out that a $13,000 debt is being garnished from her wages. it is her dept from before we met. we cant afford this garnishment, and i was wondering if she should declair bankruptcy.
We just bought a new car, and it is in both of our names. how would a bankruptcy affect this. would the car be declaired an asset, or is a car under a lien not considered an asset?
Thanks for your help.
~Keith
Asked on 10/18/04, 2:05 pm
1 Answer from Attorneys
Jesse Sweeney
Sweeney Law Offices, P.L.L.C.
Re: Should my wife declair bankruptcy?
The car would not be considered an asset as it is secured by a lien. If you are unable to make payments on the $13,000 then it may be a good idea to file for bankruptcy, either a Chapter 7 or Chapter 13, depending on your income and expenses.
Answered on 10/19/04, 9:32 am
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