Re: Question about Personal Bankruptcy
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Posted by LadynRed
(199.91.33.254) on July 20, 2004 at 14:48:01:
In Reply to: Question about Personal Bankruptcy posted by Justice on July 20, 2004 at 08:34:51:
Why file separately and pay the $209 filing fee TWICE ?? File jointly and save yourselves some money. How much equity do you have in your condo ?
Do you own cars and are they paid for or financed ? How much disposable income do you have at the end of the month after ALL necessary expenses are paid ? In MI, you have to option of using either State or Federal exemptions. MI Exemptions are here:
http://www.thebankruptcysite.com/exemptions/michigan.htm Federal here:
http://www.thebankruptcysite.com/exemptions/federal.htm MI state exemptions are pretty cheesy, you'd likely be better off using the FEDERAL exemptions. Unless you have a LOT of equity in your condo- above the exemption limit- it is unlikely you'd lose anything at all. That might help convince your husband if that is a fear of his. You will be able to rebuid your credit much faster after bankruptcy than if you go along struggling for then next 10 years or more. While getting new credit may cost you more in interest for a few years, you will be free of the crushing debt and able to go on with your lives.
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