QUESTION
Will I be affected if I marry someone who filed for bankruptcy?
Asked on Jul 20th, 2011 on Bankruptcy - Georgia
More details to this question:
My fiancé has filed and completed her bankruptcy process. She has two properties in which she no longer wants to keep. First, does she need to foreclose or short sale the property or is filing for bankruptcy good enough? And if we marry before this is completed will I be involved with the properties?
6 ANSWERS
Debtor's Rights Attorney serving Atlanta, GA
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Theodore N. Stapleton, P.C.
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It depends upon when she filed for bankruptcy.
Answered on Jul 25th, 2011 at 12:40 PM
Bankruptcy Attorney serving Herndon, VA
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Maureen O'Malley
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You won't be affected if you have no joint debts. The property will be foreclosed if she doesn't pay for it and she'll owe nothing further because it's part of the bankruptcy.
Answered on Jul 22nd, 2011 at 2:25 PM
No it is completely separate social security numbers and separate estates. If she files for bankruptcy she can just walk away from the properties and debt.
Answered on Jul 22nd, 2011 at 1:39 PM
A spouse who has nothing to do with the other spouse's bankruptcy filing is not implicated in the bankruptcy.
Answered on Jul 22nd, 2011 at 12:31 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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If properties are owned when filing chapter 7 they can be retained by paying the contractual amount. Or they can be given up by foreclosure, short sale or deed in lieu of foreclosure. A subsequent spouse would not be involved at any rate.
Answered on Jul 22nd, 2011 at 11:55 AM
Glen Edward Ashman
No one here without detailed financial information can tell you what she should do, although short sales are generally problematic. Her lawyer should advise her. However, for you, the key thing is to see a lawyer (NOT hers, but your own) to draft a good prenuptial agreement and advise you on what not to do with your spouse. Usually you will not be liable for her past, but you want to do everything in a way to keep it that way (including having no joint assets or accounts).
Answered on Jul 22nd, 2011 at 11:28 AM