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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.

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βˆ™ 2006-08-26 19:49:43
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Related Questions

Does Florida allow seizure of joint property in civil cases?

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.


Are assets of non-filing spouse considered in bankruptcy?

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.


Can an executor file bankruptcy for the deceased debts?

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.


If you own two rental homes in Texas will they be in jeopardy if your fiance has to file bankruptcy on debts he incurred before the marriage?

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.


Can a person be taken back to court after filing bankruptcy?

YES IF:You have liedConcealed assetsConcealed or misrepresented income.The court decides to review spouse or relatives property to see if it actually yoursAnd so on


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 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.


Can you file a chapter 7 bankruptcy without your spouse being included and will his or her property be protected in Arizona?

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.


In Illinois is the surving spouse responsible for medical bills if their is no estate?

The base assumption is always going to be that that the other spouse inherits the other's assets. But the estate has to liquidate all assets before they can transfer them 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.


Can only a spouse file chapter 7?

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.


If a spouse files for bankruptcy in a community property state and debts are discharged can the other spouse be held responsible for the discharged amounts?

Maybe; see a lawyer.


Is surviving spouse responsible for other spouse's debt?

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.


Can a woman file for bankruptcy after she is married and not include her spouse who went bankrupt 4 years ago?

Either spouse may file a separate bankruptcy. However, if they are joint debts the non-filing spouse will be responsible for repayment. If the spouse is the sole debtor the non-filing spouse might still be responsible if they reside in a community property state.


Is the surviving spouse responsible for the medical bills of a deceased spouse in Oregon?

Being in Oregon doesn't change the answer. The assumption is that the wife inherits at least half, if not all, of the husband's assets. But the estate has to liquidate all assets before they can transfer them 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.


North Carolina is the surviving spouse responsible for bills if in the deceased spouse name only?

There is always the assumption that the wife inherits at least half, if not all, of the husband's assets. And the estate has to evaluate all assets and clear all debts before they can transfer them 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.


Is the surviving spouse responsible for medical bills of the deceased spouse in Indiana?

Indiana is pretty much the same as other states. The assumption is that the wife inherits at least half, if not all, of the husband's assets. But the estate has to liquidate all assets before they can transfer them 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.


Is the surviving spouse responsible for the medical bills of a deceased spouse in Florida?

The fact that it is in Florida doesn't change the answer. The assumption is that the wife inherits at least half, if not all, of the husband's assets. But the estate has to liquidate all assets before they can transfer them 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.


Is it illegal for one spouse to sell assets without the others consent before divorce?

If done in anticipation of altering the property settlement the selling spouse might be held in contempt of court for disposing of the assets before settlement.


If only one spouse holds title to property in Florida does the other spouse have interest in property as well even though they are not in title?

In the case of divorce, that property may be added to the assets and then divided. If the property is subject to a homestead exemption the spouse must sign a mortgage or deed. See related links for more information.


Is wife responsible for medical bills of deceased spouse in Colorado?

No and Yes. The estate is responsible for the medical bills of the deceased. And since the spouse is normally the recipient of the estate, the bills will affect how much the spouse will inherit. Some of the assets, such as property held as Tenants in the Entirety, becomes the property of the spouse. Other assets may have to be liquidated to pay the bills, including medical expenses and funeral costs.


Is my spouse entitled to inheritance I received from my parents in California?

Most assets acquired during a marriage in California are considered shared property between you and your spouse, but inheritance is an exception. If you receive inheritance while you are married, your spouse does not have any right to that money as long as you keep it separate from your spouse and your shared property.


Spouse has died are you responsible for his credit card debt you live in Hawaii?

There is always the assumption is that the wife inherits at least half, if not all, of the husband's assets. But the estate has to liquidate all assets before they can transfer them 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 file bankruptcy?

Business bankruptcy? The other spouse will probably not be liable unless their name appears as an officer of the company. Personal bankruptcy? Yes, it will probably affect the other spouse.


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.


In North Carolina is a spouse entitled to a portion of the other spouse's inheritance?

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).