Tornillo, TX Bankruptcy Law Firms & Lawyers

This is a good example of why people should not reaffirm the mortgage in a chapter 7. The debt was discharged and BOA cannot come after you on that debt. Marking it as "settled" or "paid settlement" should not affect your credit, which has already been damaged by filing bankruptcy. The credit you are able to get afterward is dependent upon the lending practices of the institutions you apply to. They can be assured that you will not be filing bkr for another approximate 7 years. Use that to your advantage.

As long as she is not on the Property title, you can not be held liable. If there are marital debts that you will be responsible for, and they obtain judgments, they could put a lien on the new property. Make sure you have representation for your matrimonial, and advise that counsel of her intention to file.

First, for you and anyone who reads these questions and answers, you must list all of your assets and all of your debts. Period, no exceptions. You may not pick and choose. With that being said, a Chapter 7 Trustee will be appointed in the case and will determine the value of the car, subtract the various claimed exemptions you choose and whether they are legally sufficient, subtract the amount owed on the vehicle and see if there is equity which needs to be liquidated for the benefit of the creditors in the case. So if the vehicle is worth $19,000 and only you are no the title, then the most you could claim as exempt is $6,000, but that number will certainly be less. Subtract the exempt amount from $19k and subtract the amount owed from the amount after subtracting the exemptions and you have the equity. The larger the equity, the more you have to pay the Trustee. The exemption amount will vary on other factors in your case and I cannot determine that without much more information.