Legal Question in Bankruptcy in New York

What will I &/or my spouse lose?

I am married, living in Suffolk County NY. I am unemployed & have incurred excessive credit card/student loan debts that I was able to pay when working, but can no longer manage. These cards are only under my name, not my spouse. Will my spouse be affected by my personally claiming Chapt. 7? Will my home be at risk (both our names are on mortgage & we have 4 children living at home)? What 'assests' become attached by these proceedings? Thank you so much for any help you can be!


Asked on 1/05/03, 6:37 pm

1 Answer from Attorneys
Lance Spodek Lance Roger Spodek, P.C.

Re: What will I &/or my spouse lose?

First bankruptcy is a personal event. Your bankruptcy does not effect your wife or her credit report nor does it afford her any protection if she is independently liable for joint obligations. Second, the house may be a problem depending upon its equity. The NYS homestead exemption is only $10,000. To compute your equity take Value - Mortgages /2 = Equity. If more than $10,000 you have a potential problem. You may wish to call the bankruptcy hotline 24/7 at 212-No-Bills (212-662-4557) for additional information.

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Answered on 1/06/03, 9:00 am


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