Weintraub & Selth, A Professional Corporation

The once popular tennis company, Prince, known for its success manufacturing oversized tennis rackets – and originally, tennis ball serving machines and other tennis products - filed for Chapter 11 bankruptcy protection on May 1, 2012 in U.S. Bankruptcy Court in Wilmington, Delaware, after years of trying to attain stability and profit through sales of its products, brands and the company itself.

California Attorney General Jerry Brown, Federal Trade Commission Jon Leibowitz and other top state prosecutors recently announced 189 lawsuits against loan modification companies nationwide, accusing them of scamming struggling homeowners trying to reduce their mortgage payments.

As a general rule, you are liable for those debts you incur. If you and your spouse have a shared credit card in both of your names, you are both liable for the debts. If your spouse takes out credit cards or loans but you are not named in the credit or loan documents, you are generally not personally liable for this debt.