Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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Question: I have been sued in a non-compete case with my previous employer. I have no debt (even my cars and house are leased). My goal is to protect money I have from the sale of a previous house and to protect my wife's inheritance money which is in an account in her name only. My question is can my wife's inheritance money be taken as damages against me Response 1: No. Your wife does not have anything to do with your lawsuit. Minnesota is not a community property state where the debts acquired by one spouse during the marriage become the responsibility of both spouses. and if I buy and homestead a house now with the proceeds from my house as a down payment, if damages are assessed against me, can my house be taken? Response 2: No. Equity in the house is protected up to $300,000.00. See Minnesota Statutes Sections 510.01 and 510.02. Also, if I declare bankruptcy will that allow me to get out of a current 10-month lease and keep my house if damages are accessed against me? Response 3: Yes.