Legal Question in Bankruptcy in Illinois

Personal Bankruptcy

Husband has failing business, which my name is not involved, except on a bank loan.

All my assets are in my name only except for a money market account which also has

my daughters name on it.

He's says his creditors cannot come after me because they cannot touch my retirement monies that I have with Smith Barney. I realize if my name is on anything I am responsible, but he is right? If I divorce him am I still responsible for debts jointly signed or am I also responsible for his debts? I don't want to lose my retirement. I am 59 and working part time which I will continue as long as possible.


Asked on 8/08/07, 11:18 am

1 Answer from Attorneys
Charles Dobra Charles Wm. Dobra, Ltd.

Re: Personal Bankruptcy

Your question raises more issues that you probably intended, which is why I would advise you to retain the services of a lawyer. It APPEARS to be the case from your question that husband is contemplating bankruptcy. In a BK, retirement funds are generally exempt. So the question becomes, are you contemplating a joint bankruptcy?? As a GENERAL matter, most BK attorneys would counsel to get done with a divorce prior to filing for BK.

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Answered on 8/08/07, 2:51 pm


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