Property belonging to the bankruptcy petitioner is subject to seizure and liquidation in a chapter 7 bankruptcy unless it is designated exempt under federal or state law. Jointly owned marital property is subject to seizure depending upon the state in which the bankruptcy is filed and status of the property in question. Property only in the name of the non filing spouse cannot be seized by the bankruptcy court or attached by creditor action unless the married couple reside in a community property state (and that can sometimes be subject to appeal. Chapter 13 is a consolidation bankruptcy in which the petitioner retains all their property as long as the terms of the 13 are followed.
In Florida - except for a homesteaded residence, nothing is safe from seizure from a court order or bankruptcy. Even jointly owned assets may be seized and sold. Half of the proceeds from the sale or liquidation will then be retruned to the non-involved spouse.
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.
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.
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.
Why bother? No one can legally inheret debt. Actually debt can be "inherited" if the deceased left a spouse and the married couple resided in a community property state, the debts then revert to the spouse whether he or she incurred them. In non-community property states the deceased's debts are included along with all nonexempt assets and property in the probate procedure. The nonexempt assets and property are then liquidated to pay debts according to their priority and to the extent that funds are available.
First, no question about it, being married to someone who then files bankruptcy, or has financial issues, can certainly affect you in many ways. I believe (but am not sure) Texas is a community property state. I which case you can definitely have more problems, as each of your assets and liability easily become community assets, and these would logically be part of the bankruptcy. There are ways, albeit it takes a certain amount of action ( prenupts, separate bank accounts, etc.,) before and during the marriage, to keep your assets as "sole & separate". Good lawyerly advice is needed. * Real property that is owned before marriage does not become part of joint marital property unless the title is changed to include the new spouse. Debts incurred before a marriage do not become the responsibility of the new spouse even in a community property state such as Texas. Joint marital assets will be subject to bankruptcy procedure in a CP state even if only one spouse files for bankruptcy.
The laws presume that the spouse inherits at least half, if not all, of the other spouse's assets. But the estate has to liquidate all debts before they can transfer any assets to the spouse. One way or another, the spouse ends up paying the debt. The spouse has some right in all real property owned by the husband. If the assets are not enough to cover the debt, the real property may have a lien placed against it to cover those debts.
One spouse can file bankruptcy separately and both are held responsible.
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.
Maybe; see a lawyer.
In general, no. First, North Carolina is not a community property state. Second, in general, inheritance remains separate property, even in community property states, unless the inheriting spouse commingles the assets (mixes the inheritance in with community assets; for example, deposits the money into a joint checking account).
A married person may file for bankruptcy without including a spouse. The particular circumstances governing the situation will dictate whether this is or is not a wise decision. Property held in joint names such as a house may not be protected from inclusion in the assets to be distributed merely by reason of being in joint names with a spouse.