If her name is on a loan that you file bankruptcy on than she would then be responsible for that loan. Filing a bankruptcy only gets your name off the loan(s), you would both need to file together.
I really don\'t think so
You can file bankruptcy for two possible reasons: you are unable to pay your debts or your creditors file for bankruptcy if you owe them more than 1000 dollars.
Yes
This will be considered an asset. You cannot file bankruptcy if you have a number of assets that can be used to pay your creditors. Depending on the amount of the settlement, you should wait years to file bankruptcy.
You will be responsible for the whole debt since you are the only one capable of paying the debt after your wife's bankruptcy.
It depends of which B/K you file and whether you complete it.
The debts are paid off and the bankruptcy is closed or any remaining debts are discharged. Assuming the petitioner was the ex-wife who received the inheritance, the divorce court order still stands, and the ex-wife may file a contempt action in divorce court to have the ex-husband pay the ex-wife the amount used to pay the debts. He may even be liable for some or all the costs of the bankruptcy if his failure to pay the debts led to the bankruptcy.
A husband (or wife) may file for bankruptcy separate from his or her spouse. Technically speaking, this should have no effect on the other spouse as they are filing bankruptcy for their separate debts and you will not be held responsible for their debts nor will it be reflected on your credit report, etc. It is important to note that those debts you held jointly will remain with you (the spouse that did not file for bankruptcy).
If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.
More than they can pay
You would probably be better off refinancing your mortgage first and then applying for bankruptcy later on. My mom had to file for bankruptcy due to credit card debt she could not pay.
The Bankruptcy Code refers to a business filing bankruptcy. If a business is unable to pay it's debt or pay it's creditors, the business or it's creditors can file bankruptcy. Upon filing bankruptcy, the business ceases operation, a trustee sells the assets, and then gives the proceeds to it's creditors.