Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
Hi - my name is XXXXX XXXXX I'm a Bankruptcy and Consumer Protection attorney here to assist you.
Did your husband also personally guarantee the business line of credit?
yes he did. he has a corporation and the corp is in his name, but I signed the guarantor also
Thank you for your response.
If your husband files a Bankruptcy, and you do not, that will not show up on your credit report, and will not affect your credit rating.
It will also not affect your liability for that debt.
Really? Even if I signed as a Guarantor?
Lastly, unfortunately, it is not possible for you to be removed a personal guarantor - unless you also file a Bankruptcy.
Aren't I still responsible for the debt as a Guarantor if he files for bankruptcy?
Yes - that is what I meant when I said, "It will also not affect your liability for that debt".
His Bankruptcy filing will cannot affect your credit, but it will also not affect your responsibility to pay the debt.
I own my house and am the only one on title. Will his bankruptcy affect my house?
If the house belongs solely to you, and it is not marital property, then his Bankruptcy filing will not affect your house.
Ok. The bank said something about if the line of credit does not get paid back that it will eventually be taken out of my social security. Is this correct?
Social security is strictly exempt (protected) from collection for this type of debt in all states.
Ok. So they can not go for my house? Should I get my name taken off our joint accounts?
Do you mean should you take his name off your joint accounts/
Yes. And also he was thinking of filing for divorce as to protect me is he were to file. Does that make any sense?
Any actions that are taken regarding accounts, and property, can be undone if they are undertaken less than 2 years before your husband files a Bankruptcy. So, unless he is planning to wait at least 2 years before he files, there is really nothing you and he can do at this point to protect or save anything.
Ok. So none of my assets will be affected if he were to file for bankruptcy.
Including commencing divorce proceedings.
Did you get the last questions of my assets being affected by his possibly filing of bankruptcy?
I just saw it.
None of your assets that belong to you alone, and that are not marital property, can be affected by his Bankruptcy.
Please let me know if there is anything else I can help you with.