Should I file for bankruptcy? Posted on May 25, 2011
I am planning on filing bankruptcy soon. One and a half years ago I lost my job and couldn't afford to keep making payments on two motorcycle loans I had. My girlfriend at the time, cosigned for me on the two loans. It now shows in our credit reports as a "negative" item. They repossessed one bike, and are looking for the other. I went to an attorney today, and he said to file Chapter 7. The girl who cosigned with me for the bikes is now my fiancée and we're planning to marry soon. I've heard if I file Chapter 7 it clears my debt, but it is still valid for her. So if I were to file, they'd come after her for the loans. Attorney said this is not the case in Nevada, because we're a "community state". He says filing the BK will wipe my debt and they will NOT come after her. He also said to wait until I file BK before we get married. So my question is, is this true? If I file BK in Nevada, a community state, will it wipe from her debt too? What if I file BK, and then get married right after. Does it affect her credit? I was fully prepared to file Chapter 13, but now this attorney has me thinking I should file Chapter 7, and spend the money I would have spent on the 13, on our wedding. Should I seek a second opinion? It was a free consultation, so the attorney spent about 5 minutes with me, which I totally understand.
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