Married but just one of us is filing.

[kileyj]

Hi all. Newbie here. I'm married and my husband will be filing for bankruptcy but I am not. I tried searching for the answers in threads here first and didn't find it so hopefully someone will know the answer. The debt is credit cards that are under his name only (for those curious - we have joint bank accounts but separate credit cards).

Question 1 - Can the courts come after me or anything of mine under just my name because I'm married to him or is 'my stuff' off limits because it's under my name, not his? If I get a separate bank account and have mula in it can they touch it?

Question 2 - I know there is a dollar amount allowed or a 'worth amount' allowed on a vehicle when filing for bankruptcy. Both vehicles are paid off. Currenlty both are registered to both of us. If we get new titles and have just my name on them are the vehicles considered 'safe'?

Thanks!

Sorry we're all in the same crappy boat but it does feel good to know we're not alone.


Kiley J

[HHM]

What state do you live in?

For question 1, the answer depends on if you are in a community property state.

For question 2, you are too late in the game to be switching up titles as doing so would be fraudulent. You will need exemptions to cover the value of both vehicles, otherwise, your husband will be required to pay the trustee the non-exempt value to the trustee.

[kileyj]

1. Colorado
2. Even if he has not yet filed? How is it fraudulent NOW prior to filing? They are both mine. I (was dumb enough) to have his name on them. I'm screwed on the cars?

[Flamingo]

1. Colorado
2. Even if he has not yet filed? How is it fraudulent NOW prior to filing? They are both mine. I (was dumb enough) to have his name on them. I'm screwed on the cars?

What HHM is trying to tell you that there is a period of time prior to filing during which any transactions out of the names of the persons filing (i.e., any assets) can be viewed as a fraudulent transaction (trying to get the asset out of the filer's name). The period is usually six months before filing, although it can extend to one year or longer in some cases. Since the vehicles are in joint names, taking his name off the titles would be considered fraudulent.

[kileyj]

More questions .. my husband had a business and he's going to be filing bankruptcy for that and for just himself/his cards. Will any of my accounts be looked at at all? I have $30k in debt but I have a small inheritance coming my way and it will wipe out my debt and I won't be left w/ any money but I will be debt free. Should I clear my debt before or after he files? I just don't want me having money be a factor in his case.

Thanks for the above answers!

[kileyj]

My msgs aren't posting. Sorry if they all pop up at once and are all the same ...

More questions. My husband had a business. He'll be filing for bankruptcy on that as well as for himself as an individual/his cards. I have $30k in debt but am going to be receiving a small inheritance which will wipe out my debt. It won't leave me with any money but it will make me debt free. Will my accounts be looked at at all? I want to know if I should wipe out my debt before or after he files for bankruptcy. I don't want me having about $30k going in/out of my accounts to have an impact on him filing. I was listed as an employee on his account because I was the spouse but technically did absolutely nothing. It was a move the tax people advised him to do when he first created the business.

Thanks for the above answers and for those who can answer my new ?s.

Kiley J