My wife is filing seperately. We have been seperated since 12-08. Are any of my assests at risk. We do not live in a community property state. All the debt is in her name only. She has about $125,000 in credit card debt. She stopped paying when we were seperated in December. For all of 2008, she had only about $1000 of income. We filed our taxes seperately for 2008. Will she have any problems discharging this much debt, with such a small amount of income.
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6 figure balances sometimes get a close look by the UST. She may {or may not} be asked for an explanation about how she has so much debt on a low income but, that won't be a dealbreaker unless she ran up a lot of it in a short period of time and defaulted.
Are any of the assets held jointly? -
The only asset held jointly is a house she is living in with no equity.
When I reviewed her records last fall, she basically maxed out everything by June of 2008. She also has advances on a line of credit for 20000 in May of 2007 and 25000 in December of 2007. She made payments on all of them until October of 2008. Will this present a problem for her.
If we are seperated, do I have to provide anything? Income, bank statements, list of assets.
Although we split up, we get along well and have three kids. She is a compulsive shopper and ran this debt up without my knowledge. I have no idea how she managed to get 125000 of debt with a part-time job. I hope this works out for her, but I want to protect myself.Comment
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Since payments were made a year or more before default, she should have no problems.
Big problem you may have is what to do about the house if she can't afford the mortgage.
Since you maintain separate HH's I doubt anything will be required of you. I'd suggest the best way to protect yourself is, just stay out of it. She's a soon to be x for a reason. Cut her loose and don't worry about her problems.Comment
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As part of our informal seperation agreement, I have been paying the mortgage, her car payment and utilities directly myself. If I give her the money she will spend it and not pay the bills.
Will the bankruptcy court require any proof of our seperation?Comment
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