I would prefer to file Chapter 7 rather than 13 but have one issue that I have not been able to get resolved. Have to file bankruptcy due to lawsuit filed by a bank for a loan that my ex-husband was to pay [balance is around $65,000]. He retained 100% ownership of our company in our divorce and was to indemnify me of all debts. Now the company has gone under and he is filing bankruptcy which will mean I will be listed as one of his creditors and the indemnification will mean nothing. I meet the means test for filing Chapter 7, do not own a home, own only one car and have no non-exempt assets other than investments I made over ten years ago in some partnerships that invested money in a chain of restaurants. I get a check once a year for the percentage of the four I am involved in that is usually about $8,000 net. I have been told that I can exempt this using my wildcard, but that it will only work for the first year and that in the second year, I could lose it. I don't understand how that works. If a value of $10,000 is put on that investment and I have enough left to use in my wildcard exemption, why would it not be like any other asset exemption?

