QUESTION
Can you differentiate Joint assets, as wife's assets and husband's assets?
Asked on Jan 27th, 2013 on Bankruptcy - Michigan
More details to this question:
I am happily married (18 years) and considering filing without my spouse because the debt is all mine. I cannot afford a lawyer, and there is no pro bono help available in my county, so I am representing myself and I want to get it right. My question is about assets. Our money has always been co-mingled in joint checking accounts, so purchases have been made with our money rather than his money or my money. If something was bought specifically for him that I never use - woodworking tools and camera equipment mostly - is that a joint asset or is it his asset? These things are tools of his trade. If they are his assets, are they safe from the trustee? If they are our assets, do I list half of them on the exemption schedule (Schedule C)? I know I need to list everything on Schedule B, but I'm not sure whether to list them there as his or ours.
5 ANSWERS
Wisconsin is a community property state. All of your assets are his assets and all of his are yours. The same is true of debts.
Answered on Jan 31st, 2013 at 7:38 PM
Bankruptcy Law Attorney serving Austin, TX
at
Law Office of Susan G. Taylor
Update Your Profile
You must list everything your husband owns that he acquired after marriage, unless he inherited it. I would need to know much more before advising you about the extent of your bankruptcy exemption allowances. Filing is VERY serious business, and you want to be sure you aren't putting anything at risk. At least get a free consultation from one or more attorneys before deciding whether to represent yourself.
Answered on Jan 31st, 2013 at 8:24 AM
If you file bankruptcy without an attorney, you may have to face the repercussions that come with not understanding the complexities of the exemptions available to you. It has been my experience that many people who file bankruptcy without an attorney didn't need to be in bankruptcy at all. In short, there is no easy answer to your question and you deserve legal representation. Unfortunately, you usually must pay for something that has value to you.
Answered on Jan 31st, 2013 at 12:13 AM
Estate Planning Attorney serving Wilmington, DE
at
Reger Rizzo & Darnall, LLP
Update Your Profile
His tools of the trade would be his, but even if you list, there is an exemption for tools of the trade.
Answered on Jan 30th, 2013 at 11:33 PM
Bankruptcy Attorney serving Alpena, MI
at
Carl C. Silver Attorney at Law
Update Your Profile
You are required to differentiate the assets. The tools are clearly H. Your clothes are W His are H. The bank account is J with each of you having a one half interest. If the item is gray, call it joint. At your age it is unlikely all of your combined assets would not be exempt. Better to list asset and exempt and keep it than not list asset and lose it.
Answered on Jan 30th, 2013 at 11:21 PM