Round Lake, IL asked in Bankruptcy and Consumer Law for Illinois

Q: Debt Insolvency WorkSheet Question

My wife and I received a CP2000 for a cancelled debt of a car loan (the car WAS NOT repossessed and she got that loan before we got married).

The facts:

The debt was my wife's debt from before we got married.

The car is still owned by the bank who gave my wife the loan.

The car loan debt was cancelled 10 years later when we were married and we were filling our taxes jointly at the time the debt was canelled.

I am trying to file for debt insolvency but at the time the debt was cancelled her assets were less than her liabilities but HR Block said I have to add my assets to her assets to make the calculation on Form 4681 which will make our assets MORE than our liabilities.

Can someone tell me If I have to add my assets or we just need to total her assets alone on that form?

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1 Lawyer Answer
Timothy Denison
Timothy Denison
  • Bankruptcy Lawyer
  • Louisville, KY

A: Total her assets alone on that form.

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