If my husband is bipolar and has just went on a financial benge for 3 months, can he file bankruptcy without it affecting me?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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 9 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.
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.