Bankruptcy and Your Spouse
While bankruptcy can be a viable financial option for many debtors who are struggling to pay back creditors, many people delay this decision because they are concerned about the effect bankruptcy may have on their spouse. It is a common bankruptcy myth that a person’s spouse will also be forced to file for bankruptcy if he or she does, and this myth deters many people from filing for bankruptcy when doing so would greatly benefit them. However, you can file for bankruptcy individually.
Joint vs. Separate Filing
In actuality, even if a person is married, he or she is sometimes able to file for bankruptcy separately from his or her spouse. This means that his or her spouse will not be financially implicated in bankruptcy proceedings and, therefore, will not also have to file for bankruptcy. On the other hand, spouses can also file jointly, in which case they will both be subject to the normal aspects of bankruptcy, such as:
- Property loss
- Asset loss
- Repayment plans
- Effects on credit
However, people often have the ability to file jointly or separately, which can prevent negative effects for their spouses who may not benefit from bankruptcy.
Many people delay their decisions to file for bankruptcy because they are confused about how such a process will affect them and their loved ones. However, the experienced bankruptcy attorneys of the Bradford Law Offices, PLLC, are here to help you understand your options and the best route out of debt. Call (919) 758-8879 today to talk about your legal options and to have any of your questions answered.