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Roger
Roger, Attorney
Category: Legal
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Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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My husband bought a bar with his inheritance.He put ALL of

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My husband bought a bar with his inheritance.He put ALL of the money into the bar and has nothing left. He has now has to borrow $16000 from restaurant lenders to keep the doors open.He has no income we cannot pay the mortgage and bills as well as pay back the loan.We also own a second home with a mortgage currently no tenant so we are paying that mortgage also.I work but do not earn enough to cover all of these expenses.If we file for bankruptcy would my wages be taken into account and would my retirement fund be saved.We are both 58 years old and owe more than both homes are worth.We still have 1 child in out of state school.I am only just learning how serious our situation is.
Submitted: 1 year ago.
Category: Legal
Expert:  Roger replied 1 year ago.
Hi - my name is ***** ***** I'm a litigation attorney. Thanks for your question. I'll be glad to assist.
Generally, the non-filing spouse must provide proof of income for the 6 month period preceding the spouse's bankruptcy for the means test. However, that is really the only time the spouse's income is relevant in an individual bankruptcy.
As for your retirement, it is generally safe from creditors in bankruptcy under state and federal exemptions.....so that should not be an issue of concern for you.
Also, he can reaffirm any debts he wants to keep to prevent from losing the property - such as a mortgage or car loan.

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