Will my husbands assets be affected if I file for bankruptcy? 3 Answers as of September 22, 2010

My husband has 2 Atvs and a 401k. Will they be affected if I file for bankruptcy?

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Greifendorff Law Offices, PC
Greifendorff Law Offices, PC | Christine Wilton
If you are in California, you must disclose all assets and all debts of the community and this generally includes both spouses, even if only one spouse files. Depending upon the exemptions you use, the 401k will generally be exempt from the trustees taking, but the ATVs are questionable. The answer depends on all the assets to be protected and whether those assets exceed the exemptions allowed by law.
Answer Applies to: California
Replied: 9/22/2010
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
That depends on a number of factors, including whether or not you live in a community property state, your husbands assets were acquired before, or after your marriage, what the value of the assets are, what exemptions you have available to you under applicable law, and the value of all your other assets that need to be exempted. You need to have a consultation with a bankruptcy attorney to go over all the relevant facts.
Answer Applies to: California
Replied: 9/21/2010
Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
Well that depends on the value of the assets.
Answer Applies to: California
Replied: 9/21/2010
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