Expert: Terry Leeders - 1/24/2008

Question
    OK, lets see if I can keep this short and still start at the beginning. Seven years ago, my husband and I were married. He, at the time, had no established credit, so we put everything in my name, including a few credit cards. Years went by and my husband handled the bills. He has a good job, so I never asked any questions...he was my husband right? Well I recently found out that he charged thousands of dollars in my name. We are obviously no longer together, but I am now stuck with thousands of dollars I cannot pay back. There is just me and my 5 year old daughter and the only real asset I have now is my home. I believe that bankruptcy is the only way for me to survive, but I am afraid they will take my house. What are the laws here. I would appreciate any help you can give.
I am at a loss.
Thanks so much,
Marlena
Oh by the way, I am in Pa if you need to know that.

Answer
Hi Marlena,
Each state has exemptions to use to protect assets.  Depending on the value of your home, your ownership interest, and the balance on the mortgage.  You should contact a local bankruptcy attorney, and they can apply all available exemptions to protect your assets and advise you the best way to file to discharge all that debt that was run up on you.