QUESTION
Should I include my wife's financial statements even though it is not her debt but only mine?
Asked on Oct 17th, 2011 on Bankruptcy - Colorado
More details to this question:
I got a summons to appear in the District Court. It is a "Request For Order Directing Defendant To Appear For Examination In Aid Of Enforcement Of Judgment". It is asking me to bring to court all of my bank records, property owned, income taxes, and so forth. Most if not all of my accounts are shared with my wife who is not responsible for any of this debt that I owe. Should I include these? She does not want anything to do with paying any of the debt back. My situation is that I am a full time student, and my only income is a small VA Disability of less than a $1000 per month. I have tried to negotiate a settlement with the lawyers but they told me it was too low, it was what I could afford. I still have about 3 to 4 more years of school left. I'm kind of feeling stuck and don't know what I can do.
4 ANSWERS
Family Law Attorney serving McDonough, GA
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South Atlanta Family Law
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If your assets are tied together with your wife, you may be required to disclose those assets. It might be in your best interest to consult with a bankruptcy attorney to determine whether bankruptcy might be a good option for you.
Answered on Nov 04th, 2011 at 1:43 PM
First of all, it seems that you may be a good candidate for bankruptcy given your financial situation and the debt you owe. Secondly, if you accrued any of this debt while married to your wife, she can actually be held partially responsible for your debt. If the court has asked you to bring all your financial documents, which include joint bank accounts and joint tax filings, then I would suggest that you follow what the court has ordered you to do. Joint bank accounts are still assets you own, and therefore proof of your financial position. I would take all your documents with you, explain that they are joint accounts, but how much of it has been contributed by your wife, and explain your financial situation. If the court does not allow you any room to negotiate, then you may want to contact an attorney to file bankruptcy.
Answered on Nov 01st, 2011 at 4:09 PM
Seth D. Schraier, Esq. Law Office of Seth Schraier 3647 Broadway Suite 4G New York, New York 10031 Cell: (914) 907-8632 www.SchraierLaw.com
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Stephen P. Dempsey Counselor at Law
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You don't need to include your wife's income. Depending on the debt you should consider bankruptcy.
Answered on Oct 31st, 2011 at 6:33 PM
I think you need to bring all bank records that have your name on them. However, there is a statute (C.R.S. 15-15-211) which states that the amounts in a joint account belong to the parties in proportion to the actual amount contributed by each party. In the case of married couples, there is a presumption of equal ownership but that can be rebutted by showing the source of all funds. Your VA benefits are 100% exempt from creditors. I would consider separating your finances from hers so there is not confusion. Or, consider filing bankruptcy to avoid the brain damage.
Answered on Oct 31st, 2011 at 6:11 PM