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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2901
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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my husband and i live in arizona...he needs to surender his

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my husband and i live in arizona...he needs to surender his suv because he can no longer pay for it...We have a joint house with and I have seperate savings. what are the legal ramifications for me?
Arizona is a community property state. Therefore, in most cases, any debt incurred during the marriage, both spouses can be held liable. If so, the creditor may be able to pursue your assets.
If he surrenders the vehicle, the lender will auction it off to recoup what they can, and you both may be liable for the difference. IF you file a joint bankruptcy, the debt would be discharged. Since he has cashed in the 401k the creditor might be able to go after that if they sue and get a judgment. Perhaps you may want to talk to a local bankruptcy attorney to get advice as to if filing would be beneficial to you. BEst of luck.
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