Questions about bankruptcy

April 5th, 2009 by Questions

I am strongly considering bankruptcy but I need to know
1. If I file and my husband files is it better to file jointly as a couple with three children or separatly, with me claiming for two biological children and him claiming for one?
2. If I claim and he does not but we have two financed vehicles in both our names what will happen?
3. If I have two separate student loans, one from 1996 and one from 2006 I am entitiled to include any in my bankruptcy?
4.Am I/we allowed to puchase another cheap vehicle (under $1500.00) if I/we have to give back both vehicles? (both vehicles currently cost us $1800.00 a month)

Posted from: Ontario


One Response to “Questions about bankruptcy”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

Firstly, If you and your husband qualify to file jointly it is likely going to reduce the administration costs, but otherwise it won’t make much difference.

Second question, this will really depend on the finance companies. Technically they will have the legal right to seize the vehicle’s if they want. Now they typically don’t seize these vehicles if you are up to date on the payments, but it is always something they could choose to do.

As for student loans, none of your student loans would be cleared if you filed bankruptcy. They would both have to be listed, but would both survive.

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