Legal Question in Bankruptcy in California
Do I need to disclose my ex-wife's assets?
My wife and I got a divorce about 2 months ago. And now I am taking care of the kids and paying the morgage alone. Under this circumstance, I an falling behind on my credit card bills and I want to file bankruptcy. Do I need to disclose my ex-wife's assets? If I do have to disclose my ex-wife's assets will they take her assets? Please help.
Thanks
2 Answers from Attorneys
Re: Do I need to disclose my ex-wife's assets?
You only have to declare your own assets. The creditors were not bound by the court's determination on who has what community property as their seperate property. So the creditors occasionally go after the ex-wife or wife to collect. Not very often but it does happen.
Re: Do I need to disclose my ex-wife's assets?
If you have a finalized divorce and property settlement that was approved with the court, then all you need to disclose are your assets, as you are the one filing bankruptcy. If both you and your wife are obligated on the same loans, you will be required to list "co-debtors" for those particular obligatons, and the creditors may or may not go after your ex to get recovery after you have been discharged from those obligations. Just be forthright as to what assets you personally have and the fact of your recent divorce. If your ex is holding any property which is the security for any debt you seek to discharge,( like a car for which you are both obligated) she will have to either assume payment for that particular debt or allow the creditor to take back the security.