If my spouse is considering filing bankruptcy, how will this affect me?
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If my spouse is considering filing bankruptcy, how will this affect me?
Will I be dragged into it? We are also talking divorce.
Asked on July 19, 2012 under Bankruptcy Law, Florida
Answers:
Terence Fenelon / Law Offices of Terence Fenelon
Answered 11 years ago | Contributor
You could be affected by your spouse filing for protection under the bankruptcy code if the debts which he is attempting to avoid are in joint names under which you are liable. Take a close look at the FAMILY debt. If you are a co-debtor in the accounts, you would be liable for repayment of the dixcharged debts of your husband. If the debts are strictly in your husband's name, you would have no liability.
The bankruptcy code also gives protection to a former spouse of a debtor under certain certain circumstances. Since you are still married, they may or may not apply to you in the future.
I would seek legal advice in your juristiction to get an opinion on both issues. If you share many of the obligations, you might even consider filing a joint bankruptcy.
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