Can my wifes Bankruptcy affect me?
Question Details: My wife and I are having marital problems and think that it is best for me to move out while we work on our issues. Prior to our relationship we both aquired our own homes of which we rented mine out when we got married and I moved into hers. My credit and home equity are good however my wifes is horrible and is now considering that she may lose her house and have to file bankruptcy but still thinks it is best that we seperate. Neither one of us our on each others loans. Can they come after my home to resolve her dept if she loses her house and has to file bk?
Bankruptcy Law Answers
If you have no joint accounts or joint assets, then your wife's bankruptcy will not affect you at all. However, unless you are living apart and are legally separated, in a situation where only one spouse files, the income and expenses of the non-filing spouse is required so that the court, the trustee and creditors can evaluate the household's income. This, however, in no way obligates you, either legally or financially.
Obviously, to the extent you have joint accounts, you will be affected. The same holds true for any joint assets not exempted by law.
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