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How can i protect my family from credit card debt. My wife…

Customer Question
How can i protect...

How can i protect my family from credit card debt

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

My wife and family are in texas but i am working in north carolina for last 1 and half yr

Lawyer's Assistant: What steps have you taken so far?

None

Submitted: 1 month ago.Category: Legal
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Answered in 7 minutes by:
3/19/2018
Lawyer: Law Educator, Esq., Attorney replied 1 month ago
Law Educator, Esq.
Category: Legal
Satisfied Customers: 123,294
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
Verified

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Well, the only realistic way to protect your family from the debt is to use an irrevocable trust to hold all of your marital/family assets. The irrevocable trust is called the ultimate asset protection tool because anything in the trust is exempt from being touched by creditors as the trust is considered to be a separate legal person from you and as such they cannot attack the trust for your debts.

The other way to try to protect the assets from the debts is to use a post nuptial agreement separating the community property in Texas stating what property is hers and what is your property and ending the community property regime and then the creditors can only go after your separate assets and not the community assets.

Those are really the only ways to protect your assets from creditors.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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Customer reply replied 1 month ago
i have about $80,000 credit card debt and $21,000 personal loan and $12,000 car loan. How do i ensure my wife won't be responsible if i default on any of these loans.
Lawyer: Law Educator, Esq., Attorney replied 1 month ago

Thank you for your reply.

I believed I explained that above. There really are no other ways to avoid this as community property debt.

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