Legal Question in Bankruptcy in Illinois

Re: Personal Banckruptcy

You do not really provide sufficient information about whose on the debts. If he is the only one who owes the debts (and this is all debts, not just his company, assuming the company is not incorporated or some other limited liability entity) and your assets would not be subject to any collection attempts by any creditors. If you are on any of the debts then those creditors may go after you as you would be the only one they could go after after he gets a discharge. Additionally, even if he is the only one that files bankruptcy, both your and his income must be listed on the bankruptcy. This can impact his ability to file a chapter 7 depending on your circumstances, but does not impact the status of YOUR assets. Also, keep in mind that if he decided to transfer everything he owned to you planning to file bankruptcy and avoid paying his debts, this would be considered fraud. If it is genuinely all yours and always was, you should be okay. But certainly consult a bankruptcy attorney (or rather have your spouse do so) and ask these specific questions before deciding to file. It is important to be up front about such issues to ensure that nothing negative happens.