QUESTION
How will I be affected if my wife files for bankruptcy?
Asked on Aug 09th, 2011 on Bankruptcy - California
17 ANSWERS
Karla Lehn
There will be an issue if you have debt in common. Though she will discharge her obligation to the debt, if you are a co-debtor, you will still be held responsible.
Answered on Aug 17th, 2011 at 12:45 PM
Should have no effect what-so-ever
Answered on Aug 11th, 2011 at 11:02 AM
Chapter 7 Bankruptcy Attorney serving Lisle, IL
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Mankus & Marchan, Ltd.
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You should not be affected if your wife files bankruptcy in her name alone, although your joint household income and expenses will have to be declared in her bankruptcy if you live together.
Answered on Aug 10th, 2011 at 4:48 PM
Debtor's Rights Attorney serving Atlanta, GA
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Theodore N. Stapleton, P.C.
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It should only affect you if you have joint debts or debts which you are both liable for. After she files BK the creditors will come to you for payment. I am happy to discuss the issue with you.
Answered on Aug 10th, 2011 at 8:46 AM
It could affect jointly held assets. It will not affect your credit.
Answered on Aug 10th, 2011 at 8:41 AM
Criminal Defense Attorney serving Las Vegas, NV
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Advanced Litigation Services, Inc.
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It will not affect you. You will still be responsible for all the debts in your name only.
Answered on Aug 10th, 2011 at 7:07 AM
Alternative Dispute Resolution Attorney serving Ventura, CA
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Zahn Law Office
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You alone would be responsible for any debt in your names jointly (as you are now) but she wouldn't be responsible for any of them in the future.
Answered on Aug 10th, 2011 at 5:47 AM
If you have joint debt, the creditor can still look to you for payment. If you have joint assets, the assets are considered property of her bankruptcy estate and her share of the asset are an undivided interest in the whole. Your income and expenses are required to determine her eligibility because the Bankruptcy Code requires disclosure of all household income and expenses. Sometimes, mortgage companies will stop sending monthly statements to you, even though you are not a party to the bankruptcy. Your credit report may include a statement that a joint debt has been included in a bankruptcy.
Answered on Aug 09th, 2011 at 9:02 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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Either spouse can file a bankruptcy. The non-filing spouse should not have credit affected.
Answered on Aug 09th, 2011 at 8:38 PM
Spencer Hale
There are many ways it could affect you in both positive and negative ways. For instance all the community debts could be discharged as to the community property, but you may also have some adverse affects on your property if it is not exempt.
Answered on Aug 09th, 2011 at 8:06 PM
You will still be responsible for any joint debts that will be discharged as to your wife only. If there are non exempt joint property, for example, joint bank accounts or other assets, that could be used to satisfy her creditors then you will want to make an appointment with your own counsel.
Answered on Aug 09th, 2011 at 8:01 PM
judith runyon
Talk to a bankruptcy attorney about that
Answered on Aug 09th, 2011 at 5:40 PM
Glen Edward Ashman
It may, especially if you have joint debts or assets, or if you and she have transferred property or money between each other in the past.
Answered on Aug 09th, 2011 at 2:46 PM
Bankruptcy Attorney serving Herndon, VA
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Maureen O'Malley
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Shouldn't affect you at all except that she'll have to show your income and expenses. Or if you have joint debts.
Answered on Aug 09th, 2011 at 2:38 PM
Unless you signed on the debt you will not be affected.
Answered on Aug 09th, 2011 at 2:19 PM
2 Awards
All community property comes in to a spouse's bankruptcy estate. You could possibly lose assets to satisfy community debt. I highly recommend discussing the details with an attorney.
Answered on Aug 09th, 2011 at 2:09 PM
Bankruptcy Decision Attorney serving San Diego, CA
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Law Office of Daniel G. Shay
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Your credit scores are separate and go by social security number unless someone pulls a joint credit report.
Answered on Aug 09th, 2011 at 2:06 PM