How will my husband’s bankruptcy affect me?
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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 14 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.
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