Is Chapter 7 possibility for me? I am married, a 10% partner in an LLC partnership for rental property (spouse owns 90%). I would like to file alone. Our mortgage reajusted at the beginning of 2008 increasing our mo debt by $1k. In addition, I work for the automotive industry and have suffered several layoffs. We had 2 properties which remained un-rented and un-sold for over a year (we finally sold one in Sept.) I have over $60k in credit card debt (all in my name) 2 vehicles owing $36k each (in my name). We already have a second mortgage on our home for the max we could get (just to refinance it)... it is now worth much less than the appraisal value from Jan 08. He has also taken a loan on his 401k. The house is in my husband's name. We have an old Jeep (which does not run but is pd for value $1k) and the LLC has an auto with a lien. Can I file alone for Chapter 7? We make approx. 120k/year and our monthly debt is currently 3k more outgoing than in (thus we are behind). His salary will reduce in 2009 due to a change in status from non-exempt to exempt. All of the credit cards and personal autos are in my name. We do not wish to keep the autos. What other assets would normally be taken from us?
