Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Would this affect her since she is joint owner of house and signed loan?
A: I don't understand what your paying income tax ha to do with your spouse's rights and interests in the property. So, my answer is "no," mainly because I don't understand the question. Feel free to rephrase it for me.
Would she also have to file chapter 7 to walk away from house?
A: If she is on the loan, then yes, because Tennessee permits a lender to obtain a deficiency judgment for the unpaid loan balance.
Can my wife buy new house in June in her name and I cosign for income verification purposes?
A: As long as you do not take title to the property, and your spouse does not use any marital assets or any of your separate assets to acquire the property, then the acquisition will not impact your bankrutcy.
Can I increase her salary in June to help verification?
A: Unless the increase is bona fide/honest, you could be charged with federal bank fraud.
Do the inheritance from her sister and possibly mother need to be rescinded to my son to avoid problems?
A: The inheritance is not your property, so it has no impact on the bankruptcy. If your spouse is considering bankruptcy, then she may want to disclaim her interest in the estate -- but, that depends on who gets the inheritance if she disclaims. That's a whole different subject. If you want to discuss that, please open a new question on the justanswer.com homepage.
We are probably JTWRS, Does that make a difference on your previous answers?
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.
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).