QUESTION
How will my wife filing for bankruptcy affect me?
Asked on Aug 21st, 2012 on Bankruptcy - Texas
More details to this question:
I'm planning on divorcing my wife. I'm in the process of buying a home out of state. She now tells me that she intends to file for bankruptcy. How will this affect me if I obtain a home? Can the creditors seize my home if I'm out of state and living in it?
7 ANSWERS
So long as the home is solely in your name, your wife or ex wife filing for bankruptcy will not affect you.
Answered on Aug 22nd, 2012 at 3:23 PM
Criminal Law Attorney serving Fremont, CA
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Steven J. Alpers, A Professional Corporation
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The creditors will come after you if there are joint accounts for payment in full. If they are her separate debts you are okay. Each state has different exemption laws contact a lawyer where you are buying the house.
Answered on Aug 22nd, 2012 at 3:21 PM
Keven A. McKenna
It should not impact you unless the mortgage note holder accelerates and is allowed to foreclose on the property and you have to pay the deficiency nown for the failure of the foreclosure value to cover the note.If you are living in the house, then if the foreclosure is valid, you will be evicted. Many foreclosures are invalid.
Answered on Aug 22nd, 2012 at 3:20 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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As long as she is not on the Property title, you can not be held liable. If there are marital debts that you will be responsible for, and they obtain judgments, they could put a lien on the new property. Make sure you have representation for your matrimonial, and advise that counsel of her intention to file.
Answered on Aug 22nd, 2012 at 3:19 PM
Chapter 7 Bankruptcy Attorney serving Clinton, MS
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Timothy Kevin Byrne Attorney at Law
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It will not affect you unless you have joint debts. Then you will be responsible for these joint debts if she has them discharged.
Answered on Aug 22nd, 2012 at 3:19 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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You should consult with an attorney on the divorce and financial issues now. If she bankrupts you will still be liable on our personal as well as joint debts. She will be potentially discharged on the joint debts.
Answered on Aug 22nd, 2012 at 2:49 PM
Immigration Attorney serving Arlington, TX
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Law Office of Pho Ethan Tran, PLLC
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Your wife's bankruptcy should not affect your credit unless you are jointly liable for some or all of her debts. Were you a cosigner or guarantor on any of her debts?
Answered on Aug 22nd, 2012 at 2:47 PM