Wingo, KY asked in Bankruptcy for Kentucky

Q: i have a large credit card debt my husband is not aware of we own a home with 80 acreas of land can i file bankruptcy

i dont want him to know and i dont want to include our place

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3 Lawyer Answers

Timothy Denison

Answered
  • Bankruptcy Lawyer
  • Louisville, KY
  • Licensed in Kentucky

A: You must disclose all of your assets when filing bankruptcy. You cannot keep this from your husband because he is a co-debtor and Co-owner. He will get notice from the court if not from you. Break the news about the debt to your husband and figure out how to pay it off. Bankruptcy doesn’t appear to be a good option.

Stuart Nachbar

PREMIUM
Answered
  • Bankruptcy Lawyer
  • Livingston, NJ

A: All assets must be included, and all debts. Further, you must include "Household income" for the past six months, so you will have to obtain that information if your spouse is employed. Better to come clean and deal with as a team.

John Robinson

PREMIUM
Answered
  • Bankruptcy Lawyer
  • Shelbyville, KY
  • Licensed in Kentucky

A: This question defies a short linear answer. It's important to first know how much equity you have in the real property. If the property serves as your primary residence and you and your husband are both on the deed, the first $50,000.00 (roughly) in equity in the property would not be impacted in a bankruptcy. However, if you are on the deed to the property and there is considerably more equity than $50,000.00, you will likely need to consider filing for Chapter 13 protection to allow yourself time to repay the credit card debt in full over 5 years.

With this said, if you and your husband are joint debtors on any credit accounts, you are required to list him as a co-debtor on the indicated accounts. This will result in the court sending mail a number of times to his attention at the listed address.

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