How will my husband’s bankruptcy affect me?

Get Legal Help Today

 Secured with SHA-256 Encryption

How will my husband’s bankruptcy affect me?

We have been married 13 years, separated 4 months. My husband’s busines is being sued and if he loses, he said he will file bankruptcy. Do I stand to lose my house which I owned before we married? Will his bankruptcy affect my credit and will I be responsible for his debts? We have always kept our money separate.

Asked on May 18, 2009 under Bankruptcy Law, Texas

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

You have a lot at stake here, and it would be well worth it to talk to a local attorney about this.  One place you can look for a bankruptcy lawyer is our website, http://attorneypages.com

There are a number of things not included in your question that might well make a difference.  If your husband's business is a corporation, and it is only the corporation that goes bankrupt, I doubt that this would cause you problems directly.  If he is filing an individual bankruptcy, the fact that you have kept your money separate will help you;  if you never put your husband's name on the deed to the house, or the mortgage, it should be beyond his creditors' reach.  If you have joint debts, you may have to pay them, and there may be an effect on your credit.  Please, talk to a lawyer, give him all the details, because sound advice has to be based on all the unique facts of your case.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption