My spouse is going to file personal chapter7, prior to a divorce. Leaving me with the bulk of the debt. How do joint accounts play into this situation?
Spouses and chapter 7
1 Comments:
Unfortunately, as a joint debtor (or co-borrower) you will be held responsible for the debt.
You may have recourse in Family Court when it comes to equalizing assets, but in so far as the creditors are concerned, if your spouse files for bankruptcy and you are "joint" on the debt the creditors will expect you to pay.
You should discuss this with your divorce lawyer as soon as possible.
By Bankruptcy Expert, at 7:09 AM
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