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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I live in PA, have been married 20 years, a 17 year old daughter

Resolved Question:

I live in PA, have been married 20 years, a 17 year old daughter with autism that will never live alone. My wife and I have never had any joint accounts checking, savings or credit card. The only thing that has been in both names is Tiltle to the house. For the last five years we have had separate bedrooms, do not eat meals together and basically live our own lives. The only common denominator is our daughter. Then reason for continuing to remaing in the same house is our daughter. We are very civil but rarely do more than cross paths. My wife is not very fiinancially responsible and has amassed conciderable debt. and need to file bankruptcy. QUESTIONS: #1. An attorney (not bankruptcy) working on a trust fund for my daughter thought that I wasn't libel for her debts. Accurate?#2. Would a separation agreement help to protect against possibility of becoming libel?We plan to leave the house in both names and both continue to reside there because it is the best for our daughter.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 5 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

1. You are in no way liable for your spouse or your daughters debts, PA is not a common law State, where creditors can go after you for your spouses debts,

WALLSTREETESQ :

2. A separation agreement would help in terms of separating assets for a future divorce, but will have no affect in terms of making you liable for her debts.

WALLSTREETESQ :

3. If your spouse has credit card debt, and the home is in both your name,

WALLSTREETESQ :

the house could potentially be liened by a creditor, and you should consider putting the home into a trust or a corporation, to protect it from her creditors.

Customer:

I am setting up a trust for my daughter, she is not 18 until April, could this be put in her trust.

WALLSTREETESQ :

Yes, if your spouse agrees, I would put the home into the trust

Customer:

Thanks

WALLSTREETESQ :

Good luck, and if you have any further questions please do not hesitate to ask

WALLSTREETESQ :

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