Slingerlands, NY Bankruptcy Law Firms & Lawyers

As a cosigner your wife is responsible for debts not paid by the original card signer, that is the meaning of co-signer. You can attempt to take your wife's name off as co-signer but I doubt the credit card company will allow this as that was a condition of granting the card. Once your mother in law files for bankruptcy they cannot collect the debt from her and will next pursue to collect the funds from your wife. You can choose to pay them off through a lump sum settlement or continue regular payments. If you have other debts yourselves, you can file for bankruptcy. It all depends on your situation. I'd recommend consulting an attorney.

Your monthly expenses in schedule J cannot exceed your income. Look at the reality of what your earn and what your spend. You cannot spend more than you have. If your expenses exceed your income you are receiving income from someone, perhaps relatives or savings or another source. Eliminate the expenses on schedule J that you are not actually spending.

Bankruptcy is a good way to get off a mortgage. Sounds as if you'll qualify (but might need someone to do a means test for you). But student loans will not be discharged.