Ask Experts Questions for FREE Help !
Ask
    Jippedguy's Avatar
    Jippedguy Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Sep 16, 2010, 01:08 PM
    Separated and spouse is filing for bankruptcy
    I just received information from my spouse, whom I have been separated from for the last two years (divorce is on the way once the cost of a lawyer is gathered), that they are filing for bankruptcy. Will this effect me in any way negatively? The only thing that we have joint debt in is a promisory note that is related to our recent short sale on a condo we owned.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
    Expert
    		  
    #2

    Sep 16, 2010, 01:35 PM
    Quote Originally Posted by Jippedguy View Post
    I just received information from my spouse, whom I have been separated from for the last two years (divorce is on the way once the cost of a lawyer is gathered), that they are filing for bankruptcy. Will this effect me in any way negatively? The only thing that we have joint debt in is a promisory note that is related to our recent short sale on a condo we owned.
    "They" are filing? Your spouse and another person?

    Sure it will affect you. If you signed a note jointly and your spouse is seeking a bankruptcy discharge of debts, you will be left holding the bag.
    Jippedguy's Avatar
    Jippedguy Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Sep 16, 2010, 02:25 PM
    Quote Originally Posted by AK lawyer View Post
    "They" are filing? Your spouse and another person?

    Sure it will affect you. If you signed a note jointly and your spouse is seeking a bankruptcy discharge of debts, you will be left holding the bag.
    "They" as in my spouse. We have a verbal agreement that my spouse is to be responsible for this promissory note; as I forked over my own sum of cash to pay off the second lender. As of now, I'm getting in touch with a local (Chicagoland) divorce and bankruptcy lawyer to find out what needs to be done in order to protect myself. I'm wondering if there is a way to force her into taking out a loan to pay off the promissory note and then she has to deal with the loan with some other institution that doesn't have both of our names on it.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
    Expert
    		  
    #4

    Sep 16, 2010, 03:36 PM
    Quote Originally Posted by Jippedguy View Post
    "They" as in my spouse.
    From your name, I guess it's a fair guess that you would be a guy. Therefore, unless you are in one of those same-sex so-called "marriages", the proper pronoun to use would be "she". You have something against using the correct word?

    Anyway, I digress.

    Quote Originally Posted by Jippedguy View Post
    I'm wondering if there is a way to force her into taking out a loan to pay off the promissory note and then she has to deal with the loan with some other institution that doesn't have both of our names on it.
    It's probably too late for that. And besides, she's teetering on bankruptcy. It's not likely that anyone is going to make her a loan.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

How to get 1099 for a separated spouse [ 1 Answers ]

I am separated from my spouse and just found out that my spouse did not file taxes for two years (I filed married separate). She was not working during this time either but claims she owes the IRS $14,000 which I suspect comes from gambling winninigs. I would like to get copies of her 1099's. How...

Benefits for separated spouse who is caring for daughter [ 3 Answers ]

Hi my situation is this; I left my husband 3 years ago for the second time due to a domestic violence issue. I moved to another state. We have never gotten divorced (been married now ~9.5 yrs). I have talked with an attorney and she quoted a price of 3000.00 which as a single mom I do not have. ...

Forgery of checks by separated spouse [ 3 Answers ]

My wife and I are separated. We owned a truck jointly.we had filed an insurrane claim on the truck while still together.while being separated she took possession of 4 checks totaling over 9000 dollars.one of the check I know was sent to the body shop owner. The check was made out to the body shop...

Separated and bankruptcy [ 1 Answers ]

My husband and I have separated for several months now. I just found out that he is considering filing for bankruptcy. My question, what do I need to know or do so that his creditors can not come after me since some of the debts were created during our staying together even though the debts were...

SHould you be legally separated before filing for/or while filing for divorce? [ 4 Answers ]

What is the advantage of being legally separated while filing for divorce? Common sense tells me that a separation PRIOR to a divorce is to afford a couple some time to possibly reconcile before filing for divorce. But, if you went straight for a divorce, would you need to file for a separation?...

View more questions Search