If my husband is bipolar and has just went on a financial benge for 3 months, can he file bankruptcy without it affecting me?

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If my husband is bipolar and has just went on a financial benge for 3 months, can he file bankruptcy without it affecting me?

We have a house in both our names. What are my options?

Asked on June 25, 2015 under Bankruptcy Law, Texas

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

If your husband files bankruptcy, you should also file bankruptcy because his creditors will be coming after you for debts incurred during marriage.

When filing bankruptcy, debts can be reaffirmed which means the debtor continues making payments.  The mortgage can be reaffirmed  to keep the house and continue making payments.

Also, there are exemptions included with the bankruptcy filing and depending on the value of your house, there is a homestead exemption to protect the house from creditors.

There are other bankruptcy exemptions such as car, clothing, furnishings of the home, etc. to protect these items from creditors' claims.


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