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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,


    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) -

    For some online references:

    Bankruptcy - Wisconsin State Law Library

    Wisconsin Bankruptcy Exemptions - WI Homestead Exemption - Wisconsin Bankruptcy Law :: Legal