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Am I responsible for debt incurred by my husband if it is in his name and was not in the interest of the Family?

Asked over 2 years ago - Philadelphia, PA

My huband has incurred credit card debt in excess of $190,000 for cash advances to fund his Day Trading. He has also liquidated all his IRA investments. I was recently informed of this after repeated questions which would be answereed with "everything is fine". I work full time with 2 children and am struggling to pay the montly mortgage and household expenses. Needless to say this has taken a toll on our marriage. I am considering divorce but am concerned if I am responsible in any way for his debt.

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Attorney answers (1)

Clair Michelle Stewart

Reputation Level 7

Answered over 2 years ago. Bankruptcy Attorney in Philadelphia, PA.

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If all of the debt was in your husband's name alone, then you will not be personally liable for any of that debt. However, if any of the credit cards were in joint names (both you and your husband) then you would be personally liable and responsible for repayment of that debt, even though it was he alone who ran up the credit cards. Again, you would be responsible for nothing if all debt was in his name alone.

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