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spouse, bankruptcy and privacy

My husband and I have always kept our finances separate and now that I`m considering declaring bankruptcy he is even more adamant not to be involved. He refuses to disclose his income….what should I do? He insists that the `Privacy Act` protects him from having to disclose. Is this true?

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One Response to “spouse, bankruptcy and privacy”

A licensed trustee said...

I will put this as succintly as I can:

If you file an assignment in bankruptcy, you are required to disclose all of the income in your household, including your spouses. Your spouse will not be compelled to disclose their income – you will be. If you insist you have no knowledge of your spouses income your trustee may impute a number based on expenses, life style, etc. In every case that I have seen where a trustee had to “guess” a spouses income the trustee’s “guess” was significantly higher than the real number…

If you want to receive the benefits of bankruptcy, you have to follow the rules… the only impact your spouses income has on your bankruptcy is the amount of surplus income you will be reuired to pay towards your debts. Frankly, there’s no legitimate reason to not to disclose it.