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No. When one spouse files for bankruptcy and the other spouse does not, they are only filing for their own personal debts and not those of the spouse. In general, the filing of bankruptcy by one spouse will not affect the other spouse's financial situation. A debt is created by contract between a debtor and a creditor - each debtor must sign the contract to be liable for payment. Therefore, the bankruptcy of one spouse does not cause the other to become bankrupt.
Debts where spouses are joint and severally liable for payment will remain with the spouse who has not filed for bankruptcy.
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If you are refinancing and your spouse is the only one on the loan but you are on the title will that be a problem since you are in a chapter 13 and your spouse is not?
Yes You can not refinance without a court order if the bankruptcy is still open on you.You own the house with your wife and all Your meaning just you assets are frozen until the bankruptcy closes and part of your assets are your part ownership in the house.
Bankruptcy if married can one spouse file bankruptcy independently from the other Is the one spouse then held responsible for the first spouse's debts if bankruptcy Is filed?
One spouse can file bankruptcy separately and both are held responsible.
Does bankruptcy affect both spouses in Minnesota?
Bankruptcy has some effect on both spouses regardless of where they live. Unless the two spouses have taken great care to ensure that their assets are entirely separated from one another, then there is likely to be some part where the spouse will be financially affected by a bankruptcy. For details you should contact a Minnesota bankruptcy lawyer (see related links). They will be able to provide specific information about how a spouse could be affected by bankruptcy.
Washington state If a judgment is awarded against the husband is the wife's assets in jeopardy?
Yes in most cases there will be a consequence. The spouse is considered to have benefited from the assets of the other.
A deceased person has credit card debt only in their name is the spouse responsible for that debt in the state of Florida?
If the card was only in the deceased's name AND the surviving spouse was not a listed authorized user AND the surviving spouse never used the card for his/her own purchases, the spouse is not responsible for the debt. The estate is liable for the debt, so no assets of the estate can be distributed to the heirs at law or by will until the debts of the estate have been paid. If the debts exceed the estate's assets, it may file for bankruptcy of the estate under state law. Consult a local experienced bankruptcy lawyer.
Is a spouse responsible for the medial debts of the other spouse?
YES with qualifications. Joint assets will be considered as valid for liquidation to meet debt incurred only by one of the spouses.
If your spouse is incarcerated are you entitled to all his assets?
You are entitled to their assets if you are married, because they are your assets as well. Certain things that require joint filing like bankruptcy cannot happen while they are in prison.
If you file bankruptcy do you have to liquidate all your investments?
Yes, unless you were smart enough to put some of these investments in your spouse's name or someone else's name. * In the US property and assets that are subject to seizure and liquidation by the bankruptcy court is determined by the type of bankruptcy that is filed and whether it is a federal or state filing.
Can a husband file bankruptcy on credit cards which are solely held?
Yes, legally spouses are not required to file joint bankruptcy when only one is the debtor. However, if the couple reside in a community property state the nonfiling spouse will still be held responsible for the debt, therefore joint bankruptcy is advisable. In non-community property states, the couple needs to be certain that their property exemptions are properly filed in order to be fully protected.AnswerHaving only one spouse go bankrupt is something to really be done to protect one spouses assets that were to be sole & separate of those in the marital union...not because a debt was incurred by only one of them. Noted particularly because of the wording of the Q - understand you don't pick what things are part of your bankruptcy - like his credit card but not the boat and our vacation savings bank account...if the husband & wife own assets or have debts together, those will be part of the bankruptcy, at least to the degree he owns a part.If there are some assets and/or liabilities that are held as sole & separate property of one or the couples (which as the previous notes is very, very difficult in Community Property - generally western - states), then you may be able to not involve those by having only one party go bankrupt.
Couple moved from California to kansas Husband is disabled vet spouse not working can husband be forced to pay wifes bills?
The assets of a husband and wife are considered to be merged. He is responsible for his spouse's debts.
Can you file a chapter 7 bankruptcy without your spouse in CA?
A married person living in a community property state (Arizona is a CP state) can file for BK without the other spouse. However, all debts and assets incurred during the marriage are considered equally owned and owed by both parties. Therefore, depending upon the status of the property and/or assets they may not be exempt from creditor action. Likewise the non filing spouse could be held accountable for debts owed even if the accounts were not held in his or her name.
If you're filing bankruptcy based on debts incurred before your marriage to your current spouse do you have to make your current spouse party to your bankruptcy?
No, debts that are incurred before a marriage do not become the responsibility of the new spouse.
