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#1
03-08-2005, 11:40 PM
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Personal Bankruptcy question
Another one for the accountants and/or lawyers out there...
I have a friend (married couple) - in a bad financial situation right now. The credit card debt is very high. Most of the credit cards are in her name only. The house is in his name only. Here is the question: can SHE alone claim personal bankruptcy wiping the credit card dept and have it NOT effect him? Is it considered 'marital dept' keeping both responsible? How would the creditors view this? This is in NJ (if that matters). Just curious... TIA again! 
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#2
03-09-2005, 11:14 AM
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New Jersey is a separate property state, and I am not very knowledgeable about bankruptcy, but the idea of one spouse declaring it and having it NOT affect the other sounds a bit preposterous.
I have a really good friend who went through it and REALLY regrets it. Anytime they try to do anything jointly, it's a major, major hassle. 7 years is forever, financially. The separate property issue is important for estate planning and asset protection planning. You can probably Google some really good "primers" on bankruptcy in NJ.
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