Legal Question in Bankruptcy in Minnesota

Filing Bankruptcy on Credit Cards

I have $50,000 in credit card debts. I have a $14,000 car with a balance of $7700 of which I prefer to pay in full myself. Can I file bankruptcy on my credit cards alone? What are the guidelines for repossesion? I am separated, in the process of a divorce, signing the house/property over to my ex-husband and I have lived in an apartment for the past year. These credit card debts are an accumulation of charges through our 16 year marriage. The only assets I have are household items.


Asked on 11/18/00, 11:37 am

1 Answer from Attorneys
David Kelly-952-544-6356 Kelly Law Office

Re: Filing Bankruptcy on Credit Cards

Based upon what you have said here so far, you should have enough exemptions under the Federal exemptions to keep the car. The way it's done is you list all your debts, including the car loan, but then you reaffirm the car loan. The reaffirmation process takes the car loan outside of the bankruptcy, which I think is where you wanted it.

If these are debts you accumulated during the marriage, your husband's name must be on some of them. Often a couple will file a joint bankruptcy before the divorce is final so both of them can get out of the debts. If often helps get the divorce settled - and as far as the attorney fees for the bankruptcy work goes, it's a lot cheaper to do one joint bankruptcy than to do two individual bankruptcies.

Disclaimer: This response does not create an attorney-client relationship and is for general information purposes only. You are advised to consult an attorney of your choice concerning the details of your case.

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Answered on 11/28/00, 1:10 pm


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