Anonymous wrote:OP here. Thank you so much, especially 14:38. This is the most helpful post I've ever seen on DCUM. You've given us a glimmer of hope. I am very grateful.

With respect to their equity in the house, I believe there is about about 100K of equity, with another 120 on the mortgage, plus 50 on a home equity loan. He is willing to sign over the deed to her (it was bought almost entirely with her money).

Know anyone consumer debt lawyer in the Richmond area? They are not in NOVA.

Thank you again.

You're welcome!

Jason Krumbein is a good consumer lawyer in Richmond.

Getting hubby off the mortgage/title will be a tough one. Probably best to re-fi with another bank, but that will only work if wife qualifies for the mortgage all by herself (debt-to-income, etc).

Virginia is a tenancy by the entirety state. If your house is owned this way his creditors can't touch it. Most states no longer have this for obvious reasons but virginia does. I know personally that there are many ways for her to avoid being on the hook for any debt that he incurs. Setting things up for that purpose is a very common thing, particularly if one spouse owns a business.

OP here. Thank you so much, especially 14:38. This is the most helpful post I've ever seen on DCUM. You've given us a glimmer of hope. I am very grateful.

With respect to their equity in the house, I believe there is about about 100K of equity, with another 120 on the mortgage, plus 50 on a home equity loan. He is willing to sign over the deed to her (it was bought almost entirely with her money).

Know anyone consumer debt lawyer in the Richmond area? They are not in NOVA.

Thank you again.

Anonymous wrote:

Anonymous wrote:Legally she's on the hook for half. That's the legal contract of marriage. However, he can file separately for bankruptcy.

The fact that you are aware that one half of a married couple can file for bk without the other half, should lead you to the understanding that it is NOT the case that all debts are necessarily joint.

What you are all forgetting is, the question of who's on the hook for a given debt IN THE CONTEXT OF A DIVORCE SETTLEMENT is entirely different from who is on the hook for a given debt VIS-A-VIS THE LENDER and its legal rights to sue out the debt.

Since bkptcy was raised -- this guy should NOT file for bankruptcy. When a patient is still bleeding out, it is too early to file for bankruptcy -- first you need to stop the gushing wounds. (Sorry for the mixed metaphor.) Bankruptcy would ONLY be appropriate once this guy gets his problem under control (which would likely require psychological counseling) and is actually READY for a fresh start. Otherwise, he will find himself right back in the hole, but without the ability to discharge any of the new debts for another 8 years. Perhaps a better metaphor is: When the hole is still getting deeper, it's too soon for bankruptcy; bankruptcy is only appropriate once the hole is not getting any deeper, and you're really ready to climb out of it.

You're right thank you for clarifying

PP here. I will not give my own name because I do not want to out myself. I will tell you that the best consumer lawyer in NoVa is Kristi Cahoon Kelly. Erin Witte is a close second.

nope

Anonymous wrote:Legally she's on the hook for half. That's the legal contract of marriage. However, he can file separately for bankruptcy.

The fact that you are aware that one half of a married couple can file for bk without the other half, should lead you to the understanding that it is NOT the case that all debts are necessarily joint.

What you are all forgetting is, the question of who's on the hook for a given debt IN THE CONTEXT OF A DIVORCE SETTLEMENT is entirely different from who is on the hook for a given debt VIS-A-VIS THE LENDER and its legal rights to sue out the debt.

Since bkptcy was raised -- this guy should NOT file for bankruptcy. When a patient is still bleeding out, it is too early to file for bankruptcy -- first you need to stop the gushing wounds. (Sorry for the mixed metaphor.) Bankruptcy would ONLY be appropriate once this guy gets his problem under control (which would likely require psychological counseling) and is actually READY for a fresh start. Otherwise, he will find himself right back in the hole, but without the ability to discharge any of the new debts for another 8 years. Perhaps a better metaphor is: When the hole is still getting deeper, it's too soon for bankruptcy; bankruptcy is only appropriate once the hole is not getting any deeper, and you're really ready to climb out of it.

Virginia consumer defense attorney here. The above posters are wrong. It is not the case that when two individuals marry, they somehow merge their credit files or their responsibility for unsecured debts that are taken out in only one spouse's name without the knowledge or consent of the other spouse. (Many LENDERS will not lend to one half of a married couple only, for precisely this reason. But if he can get a loan in his name only, then it's his loan and not hers.)

I assume that most of these debts are "unsecured open-end credit" (legal speak for credit cards). Assuming husband wasn't falsely adding wife's name to his accounts without her knowledge, she is simply not on the hook for those debts, as a matter of LIABILITY.

(I am leaving out of this discussion issues around the doctrine of necessaries, because in Virginia, that pretty much only applies to medical debts these days. I have never seen a card-issuer try to use this doctrine to sue a spouse on the other spouse's credit card debt.)

Liability, however, is different from COLLECTION. So, to the extent that he is still individually liable, and a judgment is entered against him, the judgment creditor can seek to collect against their marital assets.

The very first thing she needs to do is stop co-mingling assets. Separate bank accounts, separate investment accounts, separate retirement accounts, etc.

She should also pull her own credit reports, 3x, on annualcreditreport . com and see if there are any accounts there that she does not recognize, if so, she should do ALL THREE of the following: (1) Talk to husband and tell him to pull her off the account; (2) Send a letter to the card-issuer and tell them that she never agreed to open this account and wants off; and (3) send a dispute letter to the CRA's.

Finally, the best thing is to split up their assets as well. Her car should be in her name only, his car should be in his name only. Etc.

The house is probably in both of their names, and presumably the mortgage lender will not just let him off the hook for the mortgage/title. But this is not really a concern. Card-issuers, etc. when they get a judgment against husband will docket it as a lien against the house -- so that it will be a big problem when she tries to sell -- but they will never foreclose. To really advise her what to do about the house, though, the #1 question is how much equity is in it.

No one can protect her, considering they're "their" debts.

Just like how she gets half his fortune, she also gets half his debts. She either needs to divorce or stop his spending. Cut up his credit cards asap.

Hide cash in a swiss bank account?

Anonymous wrote:My sister's husband is a financial disaster, and racks up debt like crazy. She does not want a divorce.

Is there anything my sister can do to protect herself against his debt? For one thing, maybe take his name of the deed to their house?

Can anyone recommend a stellar lawyer (and/or financial adviser) who practices in VA to help advise what, if anything, my sister can do?

Thank you for any advice.

She's screwed. Isn't marriage great?

Legally she's on the hook for half. That's the legal contract of marriage. However, he can file separately for bankruptcy.

Er, nope.

My sister's husband is a financial disaster, and racks up debt like crazy. She does not want a divorce.

Is there anything my sister can do to protect herself against his debt? For one thing, maybe take his name of the deed to their house?

Can anyone recommend a stellar lawyer (and/or financial adviser) who practices in VA to help advise what, if anything, my sister can do?

Thank you for any advice.