LisasCraftiques
Junior Member
What is the name of your state (only U.S. law)? North Carolina
I have met with a lawyer recently and he suggested filing chapter 7 because I personally have low income and the fact that my mortgage would have to paid through the courts if I filed a chapter 13. I am married and my name is on the mortgage. Our cars are under my husbands name. I am concerened about the "liquidation" of assets. I am in debt from a business that didn't work out and am filing alone. All the CC debts, loans and my lease are in my name alone.
If I file for chapter 7 as an individual will my creditors turn around and sue my husband? Will the trustee look to take the money out of our joint bank accounts? What about the tax return that was just deposited? It was money from my husbands W2 since i had operated at a loss.
Also, I have taken my left over inventory and put it in an antique mall. It is basically crafts, some painted furniture and vintage items. Not High End antiques. I would really like to keep selling in the antique mall (haven't made a profit since last October) but am worried the trustee will take it all. My lawyer said they may not be interested in it because it has benn so hard to sell but still. If they do want to consider my inventory an asset how do they go about selling it off? How and where does that happen? What is the process?
Could some of be claimed as personal exempt property?
I have met with a lawyer recently and he suggested filing chapter 7 because I personally have low income and the fact that my mortgage would have to paid through the courts if I filed a chapter 13. I am married and my name is on the mortgage. Our cars are under my husbands name. I am concerened about the "liquidation" of assets. I am in debt from a business that didn't work out and am filing alone. All the CC debts, loans and my lease are in my name alone.
If I file for chapter 7 as an individual will my creditors turn around and sue my husband? Will the trustee look to take the money out of our joint bank accounts? What about the tax return that was just deposited? It was money from my husbands W2 since i had operated at a loss.
Also, I have taken my left over inventory and put it in an antique mall. It is basically crafts, some painted furniture and vintage items. Not High End antiques. I would really like to keep selling in the antique mall (haven't made a profit since last October) but am worried the trustee will take it all. My lawyer said they may not be interested in it because it has benn so hard to sell but still. If they do want to consider my inventory an asset how do they go about selling it off? How and where does that happen? What is the process?
Could some of be claimed as personal exempt property?