Georgia  |  Bankruptcy

Legal Question

Asked on: 9/12/13, 3:23 pm


My wife and I live in Georgia along with our offspring. I have a couple of questions.

Question #1 -- If I was to file for Chapter 7 bankruptcy due to debts in my name, would my wife's credit be affected? Would the bankruptcy affect her in any way other that the obvious ways that I would be affected by a bankruptcy?

My only debts are as follows:

* Old federal school loans totaling around $25-30,000 (last time I checked), which I have not made a payment on since 2005 or 2006.

* I was unaware of it, but I got roped into a court case in North Carolina and ended up with a default judgment against me which I found out about in early 2010. Last time I checked in early 2010, the judgment against me from that case was over $2 million. I would have to check, but I'm sure it is at least $3 or 4 million now due to interest.

Question # 2 -- Is there any problem including these in a Chapter 7 Bankruptcy?

Thank you for the help...

Kind regards,

Tom C.

2 Answers

Answered on: 9/12/13, 3:29 pm by Glen Ashman

You still must pay the student loans after bankruptcy. They don't go away. The judgment may (or may not) go away depending on whether it is or is not dischargeable debt. What the debt was for affects the answer.

Bankruptcy does not affect your wife unless she owns assets with you or is on debts with you.

To know whether you can or should file bankruptcy, I'd need a lot more detail than you shared here. Feel free to contact me for an appointment.

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Answered on: 9/12/13, 3:29 pm by Scott Riddle

The bullet points: 1) Do you qualify for Ch. 7? 2) Whether your wife would be directly affected depends on such things as who owns houses and cars, her income, and a few other questions. 3) Student loans are generally non-dischargeable. 4) Most judgments are dischargeable, unless the judgment was for fraud or other defalcation, in which case the creditor might contest it. 5) There are many, many answers to important questions you didn't ask. Call a couple lawyers in your area and make some appointments.

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