As a professional bankruptcy attorney, I care about the outcome of your case and your future livelihood. I don’t see it as my job to simply file your paperwork; I want to ensure you’re making the best financial choices possible and that you avoid some of the common mistakes that filers make. I’ll provide a customized paperwork packet for you and ensure that all forms are completed accurately. This will make it easy for the court trustee to understand your situation and have an overview of your assets, property, income, and debts, including debts you have with other people. I’ll assist you with your paperwork, which includes Schedule H, where you’ll list any debts you have with codebtors. These are people who would be responsible for your debts if you were unable to keep up with payments, which may happen during bankruptcy.
The court trustee will have the final say about how your debts will be treated, how your creditors will be affected, and who is responsible for each debt. We’ll work on Schedule H together and will list any possible codebtors. This could be someone with whom you have a joint mortgage or other loan, guarantors or cosigners on loans, or someone who has sued you related to debt. Your spouse or ex-spouse may be considered a codebtor, and we will discuss this, if necessary.
Is my Spouse Included?
If you’re currently married or have been divorced, we’ll need to consider a few things as we complete this form. If you have debts with your ex-spouse, he or she will be considered a codebtor. Spouses will sometimes file bankruptcy separately, but most couples file together. When you file together, your financial and debt information will be listed on other forms; your spouse would not be considered a codebtor on Schedule H. If you’ve lived in a community property state for the last eight years, which includes Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Puerto Rico, Texas, Washington, or Wisconsin and decide to file alone, your spouse may be a codebtor. This is because in these states, spouses are responsible for each other’s debts, even if the debt is in one of their names only. In other states, the non-filing spouse would not be responsible for your debts or considered a codebtor unless the debts are related to basic living expenses, such as utilities, food, rent/mortgage, etc.
The majority of people who file bankruptcy have simple, straightforward cases and only need to select ‘no’ where it asks about codebtors on Schedule H. This is not a complicated form though, even if you do have codebtors. All you’ll need to list is your address, some basic information about your codebtors, and some details about the included debt. If you have codebtors, it’s best to give them a heads up about their possible involvement as early as possible in the process. While this could be an uncomfortable conversation, it’s best to make sure they are informed. I’ll help you take advantage of the many available exemptions, which could protect your property as well as your codebtors.