Filing Taxes Jointly

[Barto]

What is the name of your state? Georgia

I have debt from before I was married that I have not been paying. I've been waiting to see what action my creditors will take before I decide whether to file for bankruptcy. Is there a reason for my husband and I to file taxes separately? Does filing jointly link his assets to me? He bought our home after we were married but everything is in his name. We basically split expenses with him paying the major bills including the mortgage and me paying for the daily expenses of our family which include three children from his previous marriage. Could the house be considered a joint asset? Is this more likely if we file taxes jointly?

Also, if I file for bankruptcy or have a judgment made against me, Will his income be considered? Would his debts be considered? and Would my financial contribution to the children's care (their mother pays no child support) be considered?

One other thing, if I decide to quit my job and therefore have no income, would my creditors have any options for collecting anything even after a judgment has been made?

Thanks!

 

[Barto]

Ok, from what I read on this board, I don't think filing taxes jointly will result in my husband being targeted by my creditors. Keeping spouces out of our credit problems seems to be a common concern here.

I would like to restate the other issues in my original post because I think they are just as important (and because I really want some advice).

When it comes to determining if I qualify for Ch. 7, are our shared expenses considered? Would our joint expenses just be cut in have to determine what my individual living expenses are? I have no property or other assets in my name but I contribute to the mortgage and other household expenses. Would my contribution to the care of my stepchildren be considered? How would his income and debts be considered?

Finally, I've been considering becoming a stay-at-home mom. If most of my income ends up going to pay off creditors it won't make sense for me to continue working. If I have a judgment made against me, can I just quit my job, leaving me with no income to make any payments?

 

[Ladynred]

When it comes to determining if I qualify for Ch. 7, are our shared expenses considered?

If you file alone, YOUR expenses vs. your income will be a big part of your case. However, your husband's income will have to be listed to show the total household income. If that were to show that you could pay YOUR bills if your husband could pay for every single other expense, including his own bills, then you could get pushed towards a Ch 13.

Would our joint expenses just be cut in have to determine what my individual living expenses are?

Not necessarily. Surely you have some records of what YOU pay for both for yourself and contributing to the household expenses.

Would my contribution to the care of my stepchildren be considered?

If you're paying to help support them, yes.

How would his income and debts be considered?

See answer to 1st question.