What happens if I default on mt personal credit cards , rental mortgage and business loan? My wife is not on any of these debts

Asked 10 months ago - Chicago, IL

I am a real estate investor and was hurt by downturn. I make good money but due to excessive debt I feel tht I m on a treadmill. My wife was not working when I accrued this debt, is he immune. We file joint income taxes

Attorney answers (4)

  1. Tara Leigh Goodwin

    Contributor Level 16


    Lawyers agree

    Answered . You should talk to a bankruptcy attorney before doing so. If you stop paying, they will eventually obtain judgments against you, and then they can garnish your wages and any other assets in your own name. It doesn't sound like your wife is personally liable for the debt in question, so they could not go after her separate assets, if she has any.

    The above response is not intended to create, nor does it create either an attorney-client relationship or an... more
  2. Alan James Brinkmeier

    Contributor Level 20


    Lawyers agree

    Answered . Debt that is 100% personal to you remains that way.

    Further questions to be answered will require a full review of your documents, investment structure and accounts history.

    Hire counsel.

  3. Joseph Andrew Brabender IV


    Contributor Level 18


    Lawyers agree

    Answered . Your creditors will eventually get judgments against you and, since it appears you are not collection proof, they will attempt to collect your assets and garnish your wages. Depending on your debts and assets, bankruptcy may be an option.

    Though we strive to provide accurate legal information in our answers on AVVO, our answer should not be construed... more
  4. Christine B. Adams


    Contributor Level 20


    Lawyer agrees

    Answered . If your wife is not on the contract, then there is no liability. You need a good bankruptcy attorney to help you and advise you based on the facts of your individual case.

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