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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2884
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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my husband has no idea that I am personally in debt for over

Customer Question

my husband has no idea that I am personally in debt for over 50,000.00 dollars. I am unemployed and waiting for disability. Is there any way I could file for personal bankrupcy without it affecting my husband.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
You may file an individual case. However, any cosigned debts will remain his repsonsibility. He will also get notice if he is cosigned on a debt.
You must provide 6 months of his income to the court too, when calculating the means test calculation to see if you qualify for chapter 7.
So, yes, you can file individually, but he may find out about the case.

He would only be responsible for debts that he signed on, so if none, then it most likely will not affect your non-filing spouse. Thanks for your question and good luck to you.

Customer: replied 7 years ago.
That still did not answer my question. Can i file personal bankrupcy without it effecting my husband?
Expert:  Terry L. replied 7 years ago.
If you do not have any cosigned debts, then it will not affect your husband's credit.
Customer: replied 7 years ago.
the only thing in both of our names is the house. Could we loose it?
Expert:  Terry L. replied 7 years ago.
The bankruptcy court will look to see what equity is in the home.
1/2 would be yours. So, after subtracting the mortgage balance and costs of sale (roughly 6% of the value) then dividing the result by 2 (for your 1/2 interest) then subtracting your homestead exemption ($75,000 in Conn) if the result is $0 or negative,then the home will not be affected in bankruptcy. If it is a positive number, then you would need to look at a chapter 13 to protect the unexempt equity in your home. Good luck.