Q: If I file for bankruptcy, will the government go after my spouse's assets as well as my own?
A: While there are exceptions and certain exemptions, a spouse is usually included in an individual's personal bankruptcy filing. This might be different if the bankruptcy relates to a business. Contact a lawyer for details--expect to pay for the advice.
A: In general, the filing of your bankruptcy will have no impact on your spouse's separate assets. Only your individual assets and joint assets may be subject to liquidation. If a debtor recently transferred assets to a spouse (or any other insider) to avoid liquidation of those assets in bankruptcy that could be seen as an avoidable transfer. In other cases, the trustee may consider certain assets to be joint assets even if you are not on title. For example, if you have been helping to pay the mortgage on a home but you are not on title, that could be an issue in the bankruptcy.
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