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Don't Need to File Bankruptcy Yet...But I Do Have Questions

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    Don't Need to File Bankruptcy Yet...But I Do Have Questions

    Hi all,

    I'm pretty financially smart for the most part (know how to invest/pay down debt etc...). My wife has an ongoing medical condition that may put us in serious debt in a few months' time, as we are moving from state-funded health insurance to private health insurance. A blessing, in that we are moving forward, and a curse, in that it will be costly.

    However, if we do have to file bankruptcy (not a reality now but may be so in the future), I want to know how it works. This will also help me understand how to pay off bills and protect what assets we do have. We live in Wisconsin, which is a community property state. How does that affect me?

    We have two cars - one is titled in both our names, one titled in her and her father's name or her name, I'm not sure
    -both cars are paid off and we own them
    -1 was acquired during our marriage, and the other by my wife and father-in-law before

    What can happen to the cars and is there anything we can do to protect them?

    Is my credit score affected in any way?

    I am self-employed - what, if anything can be done to my income?

    I'm not worried about ruining my wife's credit. The plan is for my business to take off, and for her to be a stay-at-home mom in the years ahead - so her income would not be factored in paying for a house and other expenses.

    What insights can people more knowledgeable in bankruptcy offer? Thanks for your help,

    Dan

    #2
    Bankruptcy laws can vary widely by state. I'd recommend speaking to an attorney in your area for how it would affect you.

    Wisconsin Bankruptcy Law Firms | Wisconsin Bankruptcy Attorney, Attorneys, Lawyer, Lawyers in (WI) - Lawyers.com

    For some online references:

    Bankruptcy - Wisconsin State Law Library

    Wisconsin Bankruptcy Exemptions - WI Homestead Exemption - Wisconsin Bankruptcy Law :: Legal Consumer.com

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