Personal Bankruptcy Chapter 13 or Chapter 7?

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Ophelia42

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My hiusband signed as personal guarantor on equipment for a small business in Florida that went bankrupt and he is now being sued for $2 million. We live in Michigan (we were in FL for one year, renting a home and we kept our home in MI). I do not work and we own our home in MI jointly. He makes over
$200k (well over the median income for MI state). Are we eligible for Chapter 7? Is our home not available for asset collection because we jointly own it? It seems that most bankruptcy information relates to people behind on their mortgage, credit card debt etc. We have none of those issues, we have excellent credit.
 
You will need to sit down with a bankruptcy attorney to discuss the details that you are omitting and also to study your options. Good luck!
 
Bankruptcy lawyers will review your bankruptcy case, help you prepare for the bankruptcy filing and hearing. However, hiring a bankruptcy lawyer is not always the best thing to do in a bankruptcy filing situation. Sometimes, bankruptcy lawyers cost too much and people near personal bankruptcy often do not have the money to hire bankruptcy lawyers. There are many bankruptcy lawyers in every state.
 
You will have to qualify for a chapter 7 and I doubt you will, so you will be more then likley pushed into a chapter 13-- and with the amount of assets and $$ you have you had better hire an attorney-- if you go Pro Se and mess up just one time your case will be dismissed. there are means tests, time lines and important dates and papers that need to be filed with the courts-- this is why you should hire an attorney this way they handle all of the deadlines
 
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