The Law Offices of Kristy Qiu | Mengjun Qiu
Unless you have property together, and the value of her half of the property is over the exemption limit, you won't be affected. If you have a joint account in Wachovia or Wells Fargos, however, the account will be frozen when she files for bankruptcy.
Answer Applies to: Florida
Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
It could affect jointly held assets. It will not affect your credit.
Answer Applies to: Indiana
Lewis Adams and Associates | Lewis P. Adams
If you have joint debt, the creditor can still look to you for payment. If you have joint assets, the assets are considered property of her bankruptcy estate and her share of the asset are an undivided interest in the whole. Your income and expenses are required to determine her eligibility because the Bankruptcy Code requires disclosure of all household income and expenses. Sometimes, mortgage companies will stop sending monthly statements to you, even though you are not a party to the bankruptcy. Your credit report may include a statement that a joint debt has been included in a bankruptcy.
Answer Applies to: Utah
The Law Office of Marvin Wolf | Marvin Wolf
Generally speaking, both spouse's gross income is considered for purposes of bankruptcy's Means Test even if only one spouse is filing. Because every individual is supposed to have an individual credit report, one spouse's bankruptcy is not supposed to - (yet sometimes does) - show up on the other's credit report, however, it normally would not affect that spouse's individual credit score. It might affect credit where both spouses are required to be on a loan. It may be useful to check the credit report to see how things are being reported pre-filing and then again post-filing. If the spouses have joint debts, and one spouse files a 7, the other spouse would still remain liable for payment on the joint debt. In a Chapter 13 case, however, the automatic stay would protect the other spouse until the end of the case (by which time, that debt might be paid by the filing spouse, so there would be no remaining debt). NJ is not a community property state, so there might be some protection for assets held solely in one spouse's name (with exceptions for fraudulent transfers or other fraud). However, any property owned jointly by the spouses would become part of the bankruptcy estate unless it is exempt and a trustee might threaten action against it, so more specific legal analysis and advice is necessary prior to filing a case. If there is a joint credit card, or one spouse adds the other as an authorized user, try to get hold of the original credit agreement to verify who signed. Generally, authorized users are not responsible, but creditors want to be paid so sometimes misrepresent the facts. Even then, some store receipts have you sign that you are responsible for debts on that card. Believe it or not, that receipt can be claimed to be a contract by a credit card company, even if the additional user agreement stated that the other spouse was responsible. In other words, sometimes you have to fight over this issue, regardless of who originally opened the account.
Answer Applies to: New Jersey
Jackson White, PC | Spencer Hale
There are many ways it could affect you in both positive and negative ways. For instance all the community debts could be discharged as to the community property, but you may also have some adverse affects on your property if it is not exempt.
Answer Applies to: Arizona
Law Office of Lynnmarie A. Johnson | Lynnmarie Johnson
Generally, it would only affect you if you have any joint debts. She could discharge them in bankruptcy and then you would be left responsible. If the debts are in her name only, it should not affect you or your credit.
Answer Applies to: Michigan
Edward Papa, Esq. | Edward Papa
You will still be responsible for any joint debts that will be discharged as to your wife only. If there are non exempt joint property, for example, joint bank accounts or other assets, that could be used to satisfy her creditors then you will want to make an appointment with your own counsel.
Answer Applies to: New York
Melinda Murphy Dionne, PC | Melinda Murphy Dionne
Your wife filing bankruptcy should have little to no impact on you if you have no debt or assets in common. If you have debts in common, your creditors will still look to you to pay those debts. If you have assets in common, and you have significant equity in the properties, a Chapter 7 trustee could sell the assets and pay you your share of the proceeds. In a Chapter 13 case, your wife could propose to pay the value of her equity into her case and keep the assets. While you will not be a debtor in the bankruptcy case, your income will have to be disclosed if you are living together. Your expenses are also included. Your last 60 days of pay stubs will have to be filed with the Court as well. You should monitor your credit report after her filing to make sure that one of her creditors does not erroneously report information about her bankruptcy on your report.
Answer Applies to: Alabama
The Schreiber Law Firm | Jeffrey D. Schreiber
That depends on her circumstances, which state you live in and the property owned by you, by her and jointly. Your income will have to be included in the means testing, property owned between you may be subject to being taken by the trustee, you cannot use her income to support any credit purchases in the future as her credit will be adversely affected.
Answer Applies to: California