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

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

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Attorney answers 4


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.


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.

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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.

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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.