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Spousel Bankrupcy

My wife accumulated about 114 000. debt through loans and credit cards ( all unsecured) in her name alone without my knowledge. Including a 20 000. line of credit in both our names in which i was told by her it was closed. we own a home together but have separated because of this situation. Her money in the house (67 000.) is to be paid to creditors through her bankruptcy, does this sound right? Also am i responsible for the 20 000. line of credit even though she told me it had been closed? I did not spend a penny of it btw. Thanks

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One Response to “Spousel Bankrupcy”

Barton Goth GCO Bankruptcy Trustees said...

This is right. Her share of the equity in the property vest in the trustee and will be made available for the general benefit of her creditors.

As for the line of credit, if they have your signature on file then you are responsible for it. Ultimately the argument is that is up to you to protect yourself by verifying whether or not accounts in your name are open or closed. Now you may be able to hire a lawyer and attempt to challenge this as your wife fraudulently represented the account as closed. I think this is a long shot, but that is an area I am not trained in so you would be better off discussing this directly with legal counsel.