If you brought the house that you are in into the marriage, then it is likely untouchable in your husband's bankruptcy, because it is not a marital asset. If the property was purchased with marital assets during marriage and put into your name only, then it's possible to allege that it is a marital asset, especially if the transfer was made during the past four years and you had some knowledge of the possibility that your husband might have to file for bankruptcy.
The point is that marital assets (jointly held property) is subject to creditor claims, whereas your separate property is not. Note that now that you are aware of the possibility of bankruptcy, any further transfers from your husband to you, which would reduce his exposure in bankruptcy and which would simultaneously operate to increase your separate property, can be avoided by the bankruptcy trustee as a fraudulent transfer. So, be careful about moving money/assets around, because you may get caught with your hand in the cookie jar.
Hope this helps.
Terms and Conditions: By your continuing in this conversation with me, or by your clicking “Accept”, you are expressly agreeing to all of the following: (1) our communication is for entertainment purposes only; (2) you are not consulting me in my professional capacity as an attorney; (3) you do not seek to establish an attorney-client relationship with me, nor do I with you; (4) you will not rely on anything I say and you will obtain appropriate legal counsel via a traditional/office consultation with an attorney licensed to practice in the jurisdiction where your legal issue arises (and you may not use our communication to avoid taxpayer penalties imposed by the U.S. Dept. of Treasury); (5) by communicating with me in this public forum you are irrevocably waiving any right to privacy, confidentiality and attorney-client privilege concerning the matters discussed. You further separately declare that any payment made by you is not consideration for this contract, nor offered for any services rendered by me on your behalf, but rather is made in genuine admiration and respect for my desire to help others. If you do not agree with these terms and conditions, then you must advise me immediately.
I bought my current real estate property more than 4 years ago under my own name only. I was already married to him at that time. This property is never joined with him and he never paid anything. Is this enough to prevent the creditors to touch my real estate property? When I married him, he still has a job. But he can not find any job during this recession.
Does "default on his credit cards and auto loan" mean he will has a record of bankruptcy?
I think you're okay. But NY's fraudulent conveyance laws are archaic, consequently, there's little certainty in outcome, because the state legislature has not seen fit to make the law correspond to what nearly all of the other 50 states are doing in this area.
No promises, but it looks pretty good to me. Your husband must discuss this with his bankruptcy lawyer.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).