In Texas is it possible for one spouse to claim bankruptcy and the other to not file? Or are all debts joint if you are married?
I ask because my husband entered into a stock agreement in January of 2012. He agreed to make payments to the previous business owner for a period of three years, as well as to make payments on a $53,000 loan the owners had in their name. In November of 2012 my husband took ill with a brain tumor and we've tried to keep the company going. We're at the point that it's now costing us money to just keep the business going. We can not go any further into the red.
We've contacted a referral service in Central Texas to help us find a business lawyer. We're not sure of our obligations, and if we'll have to file bankruptcy. Our main concern is if he entered into this agreement, and I had no part of the agreement can they sue us to the point that we may lose our home? I had no part of the agreement and I am on our mortgage note.
Thanks for any input you can provide.
1 Answer from Attorneys
Yes, a married person can file for bankruptcy without the other spouse. It becomes complicated because it involves questions of joint debts and community property, but it can be done. I've done this type of bankruptcy myself.
You almost certainly will not "lose your home" because of your husband's business dealings.
Related Questions & Answers
My Son in Law (now divorced from my daughter) has allegedly filed for bankruptcy.... Asked 4/04/13, 12:05 pm in United States Texas Bankruptcy Law