Ocilla, GA Bankruptcy Law Firms & Lawyers

The collectors can sue your husband and come after your combined assets. Either you settle with them or prepare to deal with an eventual lawsuit. You don't necessarily have to pay the full amount of the debt, you can settle for less, but your husband is very likely to get sued, and your family assets could be affected.

There are two types of bankruptcy.  Under a chapter 7 liquation, you might lose some of your assets, as you can only exempt up to a certain amount depending on the type property.  Therefore you might want to consider a chapter 13 to avoid losing assets.  This is a reorgainization wherey you will be required to pay some or all of the debt back over a period of time from 36-60 months.    

That depends on what exemptions you have available to you under applicable state or federal law when you file your case. Exemptions are "protections" for value you have in certain assets such that they are "exempt" from collections.  Every state has different exemptions amounts available. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.   You need to consult with a bankruptcy attorney in your area for more details. Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.