My spouse gave the ex-spouse the house in the divorce January 2010 everthing was signed over but my spouse is still on the mortgage. Ex-spouse can not qualify for a refinance because income and the mortgage been deliquent since January 2010. My spouse is an authorized user on my charge cards, but no joint debt. Can my spouse file for bankruptcy to come from under the mortage? Will the creditor come after me and affect my good credit? We married less than 60 days, please help...
1 Answer from Attorneys
In general, most spouses will find it is better to file for joint bankruptcy. The main reasons for this usually are: if all financial matters of both spouses are completely mixed up and all debts are joint; if the other spouse has no resources; it is more efficient to file together and not separately.
However, there could be good reasons for spouses not to file bankruptcy together. Reasons such as: prior bankruptcy of spouse; if most of the debt is in one of the spouses name alone; if the spouse without debts has high values assets or inheritances.
Based on the information you provided, it appears that if your wife is only authorized on you credit cards, she is not liable for debts inccurred on your credit cards. As such, if she files bankruptcy, your debts will not be discharged.
In any case, it is important to note that if one spouse files for bankruptcy, this does not automatically bring the other spouse into the bankruptcy. The fact that you are married does not automatically make both spouses liable to all debts.
Alternatively, if one spouse does not file for bankruptcy, he or she is not automatically fully protected. Also, If both spouses jointly owe a debt, the filing of bankruptcy by one of them alone, does not free the other spouse of his or her part in the debt.
Lastly: filing bankruptcy by a spouse is a very important and complicated matter. It may effect your relationship and financial standing.
So, I strongly urge you to consult with an attorney to establish the a course of action created for your particular financial situation.
Thank you and Good Luck,
Saharie L. Reed, Esq.
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