Bankruptcy Question

My boyfriend owes over $200,000 to the goverment due to the fact that his ex-wife didn’t pay the income tax that was deducted from their employee that worked for him for over 3 years, plus his own personal deductions for that time. He is trying to decide whether to file for Bankruptcy but isn’t sure how that works. He has a house and a truck, will those things be taken if he files? How does bankruptcy work, please help.

One Response to “Bankruptcy Question”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

It is always possible for you to file a bankruptcy alone, but given your situaiton it likely isn’t the best way to do it. If you file bankruptcy and your husband does not he will be fully responsible for the shortfall on the mortgage.

As it is difficult to give you a definitive answer without actually looking at things in more detail, it would be my guess that the both of you should file. However, it would be necessary for you to consult with a local trustee to determine this for sure.