Posted on: 02nd Feb, 2010 02:55 pm
Prior to getting married, my husband and I both had homes. After we were married, we purchased a 3rd home which we currently live in. My prior home and related debt is solely in my name and his prior home and related debt is solely in his name. He is renting his house at a monthly loss and is no longer able to make his payments. If he files bankruptcy, how will I be affected. What if we were to divorce - would that protect my assets - especially if I put the 3rd home and related debt all in my name?
Hi Guest,
Your earlier home as well as your other assets will not be affected if your husband files bankruptcy. If you file bankruptcy jointly with him, then your assets could get affected. As far as the property that you jointly own with him is concerned, it can get be sold off in order to pay off his creditors.
Your earlier home as well as your other assets will not be affected if your husband files bankruptcy. If you file bankruptcy jointly with him, then your assets could get affected. As far as the property that you jointly own with him is concerned, it can get be sold off in order to pay off his creditors.