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.
$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.