Are spouse's assets to be included in husband's bankruptcy?
I am 4 house payments behind, one car payment behind, two truck payments behind. All are in my name. I'm contemplating Chapter 7 or 13. I own out right 2 horses with 2 saddles and tack. My wife owns out right 2 horses and is paying on an installment contract for 3 horses. My horses are for pleasure. My wife's horses are for business (breeding and showing). Will my wife's horses be required to be listed as assets in my bankruptcy? All of the horses are kept on my property.
Thanks in advance.
1 Answer from Attorneys
Re: Are spouse's assets to be included in husband's bankruptcy?
Since you are several payments behind on your mortgage I would strongly recommend you file a chapter 13 case. Basically, under chapter 13 you could spread your past due mortgage payments over 3 to 5 years instead of coming up with a lump sum.
Assuming you do file a chapter 13 you should file jointly. It is frowned upon to file individually and a case will be examined more closely if married person files individually. If your wife's business is incorporated then you would list the corporation (the horses are property of the corp) as an asset. If your wife's business is not incorporated then you would list the horses as assets. Either way there are strategies that can be implemented to make sure you keep ALL the horses. PLEASE READ MY FIRM PHILOSOPHY! Everyone deserves a chance to obtain a new, fresh start. Please feel free to call me to discuss your case in more detail. ph. (214) 637-0713 or (972) 231-5500
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