Q: Do I need to separate myself from my husband on all assets or file bankruptcy together?
He is a co-applicant on a trailer home. It is in process of being repo-ed. This was acquired b4 we were married. The mortgage co says that they will come after him. Can they go after our bank acct? He is not-employed and I make the income for the household. Do we need to file bankruptcy or separate ourselves on the bank accounts?
A: If your husband cosigned on the mortgage for the trailer home, unfortunately, he is jointly liable with you on the note. Although the property is purchase prior to the marriage this is not an issue of community or separate property where a person co-signed on a debt. In regards to the banks recourse, under Texas law there are restriction on what the bank may do to recover the debt you owe them. Specifically, they may place an attachment on your bank account, but only after they file a law suit. Similarly, if you have a bank account with the same bank who holds your mortgage, they may offset directly out of your bank account. I apologize I cannot give you more specific answer until I get more specific facts of your case. Bankruptcy is a definite option that is available to both you and your husband. Whether or not you should file together or just 1 person depends on the overall debt as well as how you want to deal with your mortgage company. Consult a bankruptcy attorney in your local area to determine what may be best for you and your family. If you are in Houston, I am a bankruptcy attorney here in Houston. Refer to my profile to get my information.
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