Should I ask my husband to file individual chapter 7 bankruptcy?

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Should I ask my husband to file individual chapter 7 bankruptcy?

My husband has had significant financial problems controlling his finances. His car needs $1400 in repairs to run, $3200 left on the loan and a resale value less than $1000. He also has $3000 of old tax debt..His credit score is already low and has no credit card debt I’m aware of. We have no joint debt or property in our names. I have a home and car I entered the marriage with, and I do believe my state has no communal property laws. We share 1 joint account to pay the bills from. Should I ask him to file Chapter 7 so that he can start his live fresh (I will take care of his transportation)?

Asked on November 5, 2013 under Bankruptcy Law, Ohio

Answers:

Terence Fenelon / Law Offices of Terence Fenelon

Answered 7 years ago | Contributor

The decision to file bankruptcy varies depending upon the debts an individual has.  It doesn't sound like your husband has many debts of significant amout, Depending upon the nature of the tax debt, it may or may not be capable of forgiveness after a bankruptcy.  The car may be surrendered, resulting in a deficiency judgment.  I wouldn't advise filing until you speak with local bankruptcy counsel.


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