Should I divorce to get away from husbands debt?

[ineedhelp]

I am worried! We have individual credit, nothing together except for the home we bought in november, with no equity in it.
We have a small business, last year we netted only $3500. Together we only filed for $21k for the year. But lately we have been making a little bit more.
By no means can he afford to make payments on his 65k in credit debt.
Would a divorce protect me,the business, and home? Or would it cause more problems. He said he would do anything to protect me.
Please help me I want to protect my credit and my life!
Any suggestions would be greatly appreciated!

[SinkingFast]

You don't have to get a divorce for him to file BK. He can file seperate of you. You'd probably want an attny to handle that for you as it gets a bit tricky seperating the assets.

There's a section, in the BK petition, where the spouse's income is deducted out. You'd be able to protect whatever furniture and property are yours, seperate from him.

The house sounds like a non-issue. If you have little to no equity to protect, his half of the Homestead exemption should be enough to cover his half of the equity in the house. Your half would not be up for grabs by the BK Court since you are not filing. The only thing you have to be concerned with on the house, is the equity. That's the difference between the market value and what you owe. Say the house is worth $100K and you owe $95K, you have $5K total equity. Half the equity is yours and he protects the other half with a Homestead exemption.

The business could be a whole 'nother animal. Hubby's interest in the company that is. A lot will depend on the State you live in, your State's exemptions, or if you can use Federal Exemptions.

Call a few attnys and schedule some Consults. Get some opinions from some attnys. Consults are free and you'll learn a lot.