What happens if I add my spouse to my bankruptcy? 3 Answers as of November 24, 2010

What are the pros and cons of adding your spouse to a personal bankruptcy? What could happen to her annuity?

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George Hoselton Bankruptcy Attorney
George Hoselton Bankruptcy Attorney | George Hoselton
That depends on the law of the state in which you have resided in the last two years. See a bankruptcy attorney. You should not be filing bankruptcy without an attorney. NACBA.org is a good place to find bankruptcy specialists.
Answer Applies to: Oregon
Replied: 11/19/2010
Greifendorff Law Offices, PC
Greifendorff Law Offices, PC | Christine Wilton
A consultation with an attorney will clear all your questions. If the annuity is established as a retirement vehicle, it would be exempt from the trustees taking. Otherwise, the answer as to the annuity is "it depends" on what other assets you are looking to exempt in your case as there are limits. It also depends whether you are filing under chapter 7 or 13, what impact those exemptions will have. As to whether to file as individual or joint: all assets and all debts still come in to the bankruptcy case, if you are filing in California because we live in a community property state.
Answer Applies to: California
Replied: 11/19/2010
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
If you live in a community property state there is nothing that will happen that would not happen anyway. All community assets and debts must be listed regardless of who files. However, if she has assets that are separate property, then she could risk losing them if she does not have sufficient exemptions under applicable law to protect them. Which state's laws apply depends on where she (and you) lived for the past 2 plus years.

You really need to consult with a bankruptcy attorney on this for more details on your specific facts.
Answer Applies to: California
Replied: 11/18/2010
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