Legal Question in Bankruptcy in California
Just married, want to file Ch. 7 ALONE ... wife has assets
I just got married 3 months ago. I
had a property I was building a
house on (personal loan, not
commercial) and the deal went
sour. I had $75k on a HELOC that
was run up a year BEFORE the
marriage and $25k on credit cards
ran up a month AFTER the wedding
(but only from bills for my property).
I want to file Ch. 7 but ALONE as
my wife has an 850 credit score
and she has about $15k of stocks
that her grandmother gave her.
Can I file and not have them try to
come after her stocks or ruin her
score? I make all the money and
she only works part time bringing in
about $400 a month (enough for
her car payment). We have NO
shared credit, we have not co-
signed on anything BUT this
February I am planning on filing
taxes jointly for the first time, will
that screw it up if I am going to file
around the same time? Thanks
3 Answers from Attorneys
Re: Just married, want to file Ch. 7 ALONE ... wife has assets
Your bankruptcy should not effect your wife's credit.
You should discuss this case with an attorney before filing any papers.
Re: Just married, want to file Ch. 7 ALONE ... wife has assets
You should not have a problem filing individually and your wife's credit should not be unaffected, since bankruptcy is attached to your social security number.
Her assets remain her separate property in spite of your recent marriage. Thay should be disclosed with your interest valued at zero.
Re: Just married, want to file Ch. 7 ALONE ... wife has assets
The bankruptcy would be reported using your social security number and your bankruptcy would not impact your wife's credit. And her separate property would remain hers. However, there are some other concerns about your case.
In a Chapter 7, the HELOC would remain on the house. If your house is worth less than the balance on your first mortgage, there is a possibility of removing the HELOC in a Chapter 13 repayment plan.
I also have concerns about the recent credit card debt. A creditor might allege that you incurred the debt fraudulent because that is a lot of debt to incur in a short period of time. It might make your case a bit complicated. You'll need an experienced attorney to handle your case.
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