Legal Question in Bankruptcy in Virginia

Subject-spouses credit.

My husband wants to file for bankruptcy to get rid of a $300,000 judgment hanging over our heads. The judgment is his, from before we got married, from a failed business. The holder of the judgment has never tried to collect. My husband now makes a good living but not enough to pay this debt off.

We have joint bills and one car held in both names. How will his bankruptcy affect my credit? Should we move all the credit card bills to my personal cards? I have great credit now, and our current house is in my name only. We want to get rid of only the judgment, not the remaining bills or the car.


Asked on 5/03/99, 5:49 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Subject-spouses credit.

Sounds like your husband probably ought to file bankruptcy. If you remain current on the joint bills post-petition, it should theoretically not hurt your credit, but there may be notations as to his bankruptcy there. If you pay his or joint bills pre-petition, you will want to wait 90 days after doing so to avoid preference problems. Before doing anythihng, you should consult with experienced bankruptcy counsel.

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Answered on 5/04/99, 12:40 pm


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