Does my husbands income affect my bankruptcy?

Does my husbands income affect my bankruptcy?

Yes, a married individual can file for Chapter 13 bankruptcy without their spouse. But if you share a household, your spouse’s income must be included in the petition. Those who live in separate households do not need to include their spouse’s income — which is often the scenario in a separation case.

What happens if my income changes during Chapter 13?

During Chapter 13 repayment, debtors have a responsibility to report any changes in income to the bankruptcy trustee. Debtors who see a significant increase in their income – for example, by getting a raise or taking on a second job – may be asked to increase their monthly payments.

Does getting married affect Chapter 13?

For those involved in a Bankruptcy, rest assured that your Bankruptcy case will not prevent you from getting married. In a Chapter 13 Bankruptcy, you are required to pay your disposable income into your bankruptcy plan in order to pay back your creditors.

Can creditors come after you after Chapter 13?

After you complete all plan payments, any remaining qualifying balances get wiped out. Creditors can no longer come after you to collect those debts.

Can a spouse declare bankruptcy and not the other?

The answer is yes, filing bankruptcy without a spouse is legally permissible, although you may have to include information about your spouse on your forms, also known as schedules, when you make your petition to the bankruptcy court. Here are some valid considerations and answers to frequently asked questions.

Do I have to include my husband’s income?

In short, if you and your spouse both maintain the same household, then you must include your spouse’s income. If, however, you both live separately and maintain separate households then your spouse’s income does not need to be included.

Does Chapter 13 trustee check your bank account?

The bankruptcy trustee tasked with administering your case is temporarily in charge of all your assets for the duration of your bankruptcy, including your bank accounts, which are part of the bankruptcy estate. This means the bankruptcy trustee will look at your bank account balance on the filing date.

What is considered disposable income for Chapter 13?

In chapter 13, “disposable income” is income (other than child support payments received by the debtor) less amounts reasonably necessary for the maintenance or support of the debtor or dependents and less charitable contributions up to 15% of the debtor’s gross income.

What debts are not dischargeable in Chapter 13?

Debts not discharged in chapter 13 include certain long term obligations (such as a home mortgage), debts for alimony or child support, certain taxes, debts for most government funded or guaranteed educational loans or benefit overpayments, debts arising from death or personal injury caused by driving while intoxicated …

What is a Phantom discharge?

This property is called “community property,” and it is owned by both spouses as tenants in the entirety. This is sometimes called a “phantom discharge” because it can protect the non-filing spouse against claims against the community property, even though that spouse has not gone through the bankruptcy process.

Is my spouse’s income considered my income?

The law is on your side The law now says that your spouse’s income is as good as your own independent income when it comes to applying for a credit card.

Does total gross income include spouse?

Annual income on a credit card application means the total income you receive and have access to in a calendar year. That includes personal income, gifts, your spouse’s income, retirement income, income from investments, scholarships, Social Security payments, etc.

How does a chapter 13 bankruptcy affect your mortgage?

Chapter 13 Bankruptcy and Your Mortgage. Chapter 13 bankruptcy does not affect your home mortgage. You continue to make your mortgage payments during and after the bankruptcy. If you are behind in mortgage payments, you can pay off the arrears through your Chapter 13 repayment plan (which lasts three to five years).

Can a mortgage company raise interest rates if you file bankruptcy?

The good news is that your mortgage company cannot raise your interest rate or change other terms of your loan to punish you for filing bankruptcy. The bad news is that some homeowners filing for Chapter 7 bankruptcy will lose their home. In Chapter 13 bankruptcy, you can keep your home and continue with your current mortgage.

How long do you have to pay your mortgage after bankruptcy?

You continue to make your mortgage payments during and after the bankruptcy. If you are behind in mortgage payments, you can pay off the arrears through your Chapter 13 repayment plan (which lasts three to five years). As long as you make your current mortgage payments and your plan payments,…

When to file Chapter 7 or Chapter 13 bankruptcy?

If you are behind on your child support or alimony payments when you reach the end of your payment plan, the court will not issue you a discharge. Most debtors file either Chapter 7 or Chapter 13 bankruptcy. You’ll typically file for Chapter 13 if you can’t pass the means test to get Chapter 7.