Legal Question in Bankruptcy in California
bankruptcy
My husband is considering filing bk, we
do not have any joint accounts with
creditors. Will this still effect me.
2 Answers from Attorneys
Re: bankruptcy
It should not show on your credit report, but your assets and income must be included in the bankruptcy petition for the trustee to determine which chapter you should be in.
Re: bankruptcy
That depends, and is a little, but not too complicated. Unlike most states, California is a community property state. In community property states, all property and debts acquired during marriage are community property.
Although he can file, and you do not need to, your community property can and must be used to satisfy any community debts.
If you or he would like to discuss this matter more, please call my office to arrange an initial consultation.
Best, RC Lim
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