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[Queenbgm]

What is the name of your state?OK

I am considering filing chapter 7 or 11. Question is I own a home refinanced 1 year ago, bought newer car 1 year ago, but have considerable debt 25,000. Want to get married, but dont want to harm partners credit, what to do

 

[Ladynred]

First of all , your choices are CH 7 or 13, Ch 11 is for businesses.

The house and car you can reaffirm in CH 7, in Ch 13 there is no danger to them.

Your bankruptcy would NOT affect your partner's credit in any way. Its YOUR debt, and YOUR bankruptcy, they don't spill over to a new spouse via the marriage ceremony. The only problems it will cause is if you go for any kind of joint credit.

 

[Queenbgm]

Another question

Lets say I dont file 7,11,13 if we marry are liable for past debts from one another? AND I am not currently behind on any debts, just barely able to keep head above water. What is reaffirming?

 

[Ladynred]

No. Neither of you would be liable for the other's pre-marital debts.
You wouldn't be liable for each other's debts POST-marriage either, OK isn't a community property state.

 

[Queenbgm]

Home/reaffirm

I paid 90,000 for my home 1 year ago, I have little if any equity. If I filed chapter 7 would I loose my home? What is reaffirm?

 

[Ladynred]

The fact that you have little equity is a GOOD thing as far as a CH 7 bankruptcy is concerned. There are exemptions in every state that allows you to keep certain property. In OK, homestead are 100% exempt to an unlimited amount. So no matter what your equity, your home would be safe.

Here are you OK exemptions. Anything not on that list or having a value above the exemption amount could be taken by the Trustee.

A reaffirmation agreement is a new promise to pay which you would have to sign. Reaffirmations are voluntary, but in some states if you want to keep the property, you have to reaffirm. All this does is give the lender a legal warm-fuzzy that you're going to continue to pay on your obligation and if you don't, they can foreclose. That's a rather simplified definition, but its the basic idea.