Posted on: 28th Jul, 2009 11:44 am
I was married last month and my husband has a house that he is trying to sell in a short sale as it has negative equity and there are numerous liens on the house (medical bills, property taxes, lawyer bills). Since it's not looking like the house sale will go through I'm guessing the house will end up in foreclosure and he will file for bankruptcy. I on the other hand own my home (which we live in) and have excellent credit as well as savings, retirement, etc. We have kept all of our finances separate except for my checking account which I added him to. I'm now worried that if he files for bankruptcy the fact that he is on my checking account will somehow "taint" me and that my assets will be considered part of his. Shoudl we close our joint account at this point and then just open my own account? I also had him added as a user on one of my credit cards, but have since had him removed. Any advise would be appreciated! Thanks!
As you've have kept your other assets and finance separate from his, those assets won't be affected. As far as the checking account is concerned, there's a chance that it can get affected due to his filing of bankruptcy. As far as the credit card is concerned, you've removed him. I don't think that the credit card would get affected in any way. In my opinion, it would be better if you could contact a bankruptcy attorney and take his opinion in this regard.