Re: Bankruptcy

The question of whether one spouse or both spouses should file for bankruptcy depends upon whose name the cards are in. I would suspect that you have several cards in joint names, and thus it is likely that both of you will need to file. If your estimate of the value of your house is correct, you would not lose your home in a Chapter 7 or Chapter 13 bankruptcy filing. From your short factual statement, it appears that you would qualify for a Chapter 7 which is a relatively quick process (about 3-4 months).

You should first obtain an appraisal or market analysis of your home before consulting with an attorney, especially in today's real estate market with prices skyrocketing. Most real estate brokers will provide you with a market analysis free of charge, with the expecation that they will receive your business either now or in the future when you decide to sell your home.

The amount of your credit card debt is quite alarming, and could give rise to either several creditors or the Trustee filing an objection in your bankruptcy case.

If you want to discuss this matter with me, I offer a free 1/2 hour office consultation. You may reach me at (201) 498-0400. If I don't hear from you, good luck in resolving your financial problems.

Re: Bankruptcy

It appears from the facts you have furnished that you would succeed in discharging the credit card debt in a Chapter 7 while being able to retain your home (as long as the mortgage payments are current). The issue of whether it is prudent to file jointly or individually depends on an analysis of your financial specifics. Feel free to call me if you would like to schedule an appointment to explore your situation and bankruptcy as an option. I'd be pleased to be of assistance. I am located in Morris County, phone number (973)664-1090.