Legal Question in Bankruptcy in Texas
I am planning on getting married soon. I am in a bit of a financial difficulty since the downturn in the economy and may have to go bankrupt. If I go bankrupt after I marry, do my new wife's current assets become at risk?
2 Answers from Attorneys
Technically no. When you file, the bankruptcy estate consists of all that you own and all that you owe. Your wife's current assets are her separate property. Bankruptcy does not change that.
Nevertheless, you should consult a bankruptcy attorney about this situation before you wed. Your wife's assets and income may be considered in certain aspects of the "means" test and affect your ability to be eligible for Chapter 7 bankruptcy after marriage.
Your new wife's property cannot be taken by the bankruptcy trustee. However, her paycheck will count against you when they are calculating how much money you make.
One of the main things that causes people to file a Chapter 13 is that they make too much money to qualify for Chapter 7. It's possible that you would qualify for a Chapter 7 on your own, but no longer qualify for it after you're married.
More information on the differences between Chapter 13 and Chapter 7 is at http://www.214bankruptcy.com/bankruptcy-basics/
Rustin Polk
Dallas Bankruptcy Lawyer
www.214bankruptcy.com
.
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