Posted April 9, 2012 11:49pm
A bankruptcy will only affect your debts and liabilities and credit score. However, any co-signor of your debts will still be wholly liable for that debt after you get your discharge in your bankruptcy. (discharge being the end of you bankruptcy case). Although the creditor cannot contact you in any way in connection to the collection of the debt, if you have a cosignor, they will go after the cosignor.
With that said, under your facts, by filing bankruptcy individually, only your debts, liabilities and interest will be affected. If you are behind on your mortgage and/or cars, as long as it is not in your name on the mortgage note or liability, than those debts are not yours to consider or worry about. Only the debts with your name on them will be your liability and discharged in your bankruptcy.
In regard to your husband, he will still be liable on any debts
that he is cosigned with you on. Although you may be discharged of any further liability, your husband as the co signor will be wholly liable after your bankruptcy discharge.
Also, you cannot pick and choose which debts you want to discharge and which one you will pay.
Sorry for the vague answer, but more facts and your priorities in protecting your husband compared to getting your debts discharged have to be considered.
Consult a local bankruptcy attorney or local legal association and/or clinic where attorneys volunteer their time and service for free and/or reduced rate, to assist you.
Good luck and wish you success.
Min Gyu Kim (Peter)
The foregoing are comments to a general question of law, and should in no way be interpreted as legal advice. This information does not create an attorney-client relationship. The choice of a lawyer is an important decision and should not be based solely upon advertisements