Q: I’m a teacher and husband owns a business he’s threatening to file bankruptcy to not have to give me anything in divorce
Husband seems to do pretty well we live in a nice house multiple high end cars claims to have substantial debt including a million dollar loan he says that is backed by the house. Offered me a deal to buy him out of the house he wants the down payment he put down back plus about 100k of the equity which would leave me with about 200k in equity in the home not sure if it’s something I could really afford to do. The other option he has given me was to take 20k and go because he’s going to file bankruptcy and he’s saying his debt is my debt because it’s attached to the house and he’ll take my pension. He will not give me access to our tax returns or any bank accounts of his so I’m not sure what he has or what he makes just claims to be in substantial debt not really sure what direction to go or what I should do
A:
My colleague Nina is spot on!
Sites like this are not equipped to give you an analysis of your unique fact situation. You have a brief overview, but the devil is in the details, and only a lawyer can ferret those out for you.
You should be aware that domestic support orders cannot be discharged in bankruptcy, so I would consult a lawyer sooner than later.
Good Luck
d
A:
Your soon to be Ex is bullying you and misstating what bankruptcy would do. Get a divorce attorney.
If you and he both own the property as tenants by the entirety, bankruptcy is not going to make the house disappear into his debts. There is a homestead exemption that applies in bankruptcy allowing a debtor to keep the equity on top of the Tenants by the Entirety Exemption.
A: You really need to speak with a Bankruptcy lawyer And a divorce attorney this has a lot of parts to it.
A: There isn't enough information or facts to give a reasonable answer. What you need to do is see a divorce lawyer ASAP to discuss all of the facts and details with them so that they can give you a better understanding of your position. Even though your husband won't give you access to the tax returns, if you signed them you can get copies from the IRS or the accountant that prepared them. The attorney will be able to help with that. Don't make any hasty moves as your husband is just trying to scare you. In regard to the house, unless the house was in your husband's name alone, if you did not sign or agree to the loan, then that would be a problem for the company that made the loan. Again this is something to go over with an attorney.
A: This is a very complicated scenerio. There are multiple factors involving both bankruptcy law sand divorce law. You need to talk to an attorney to go over all of this. Find an attorney who is experienced in both bankruptcy law and divorce law.
A: A: If he files for bankruptcy, it depends on what assets he has and whether they are exempt. Sometimes if it preferable to file the bankruptcy while you are still married for many reasons. You can always call us for advice. Thank you.
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