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LawTalk, Attorney
Category: German Law
Satisfied Customers: 37059
Experience:  I am a practicing attorney with more than 3 decades of experience in the legal field.
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I had to file Bankruptcy in Germany and lost everything.

Customer Question

I had to file Bankruptcy in Germany and lost everything. Bankruptcy in Germany takes about 6 years ... The largest debt I have in Germany is to a German Bank. I am now married in the US and my husband and I own a house together. The financing for the house is on my name. Can the German bank get a title to take anything from me here in the US? Can they take the house that I own with my husband? How can my husband protect any assets from being taken through the German bankruptcy court?

Submitted: 1 year ago.
Category: German Law
Expert:  LawTalk replied 1 year ago.

Good afternoon,

I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today.

If the German bank debt was not discharged in the bankruptcy in Germany, then in theory they could sue you for the debt (in either Germany or the US) and then seek to collect the debt in the US.

If you and your family live in your house in CO, then you can protect up to $45,000 in equity in your home from creditors. If you have more equity than that, then your home could be at risk.

The fact that your name is ***** ***** financing of the home is NOT the issue here. Rather, the fact that your name is ***** ***** deed is what makes the property yours and subjects the property to claims.

You might consider deeding your share of the house to your husband so that your name does not appear on the title. Because your creditors cannot take income or property that belongs to your husband to pay for your pre-marital debts. Don't place any other assets ion your name until the bank debt is discharged.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

Please remember to rate my service to you when our communication is completed.

I wish you and yours the best in 2015,