i have significant credit card debt and only make $100/wk as a part-time employee. My husband just lost his job, he has been the primary source of income for our family for the past eight years; his income ranged from 75-100K/year. All the credit cards are in MY NAME only. The house we live in is in my husbands name ONLY (mortgage and deed both). My husband has a 100K worth of 401K he needs to cash in (yeah, the penalties are ridiculous), but it will be the only way for us to survive without losing our house until he finds employment again.
If I file bankruptcy in my name for my credit card debt (total about 10K…divied up to about five different credit cards @ approx 2K each), can “they” come after my husband, our house or his 401K money (it will be in a savings account as cash by that time)? Our banking accts are mutual, with nothing in them at this point. We planned to open a seperate checking account, exclusively in my husbands name to deposit the 401K money in, so my name would not be associated at all wthi that specific account.
Again, I only make 100/week and have no legal ties to the house; but I have to know if my husband can or will be in any way responsible for any monies if I file bankruptcy in my name/
thanks so much
Since you have no assets in your name and only the debt is in your name you should be able to file bankruptcy individually without any worry. Your creditors seem to have no claim to make against either the house or the retirement account.
Click here to find a local bankruptcy attorney to talk to and I’m sure once you do and they confirm this information your mind will be greatly eased.