Wife\’s role during bankruptcy
April 4th, 2007 by Questions
What are the legal obligations of the wife of a person declaring Bankruptcy?
Must she meet with the trustee/creditors? Are they permitted to question her under oath?
If she has information about any asset that her husband has hidden from the trustee is she legally obligated to tell the trustee about it?
Can she be held liable for any debt which was incurred to benefit her? Example: Husband uses his credit card to pay for her purchases.
One Response to “Wife\’s role during bankruptcy”
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April 05, 2007 at 1:08 pm, A licensed trustee said:
I wasn’t going to publish this question because of your line that goes, “husband has hidden assets…”
The premise of this question can get you in a lot of trouble – first, hiding assets is an offence that can result in your bankruptcy being refused, you may be fined and/or imprisoned. It is just a dumb idea.
Second, normally a spouse is not directly involved in this type of procedure, but if the Court determined that they assisted or where aware then they may also be fined.
The process is designed to assist the “honest, but unfortunate debtor” – if you are discovered hiding assets things will not go well for you and anyone else that is involved.