If you are a married couple, you can choose to file for bankruptcy jointly or individually. Below, we discuss the benefits and drawbacks of one spouse filing an individual bankruptcy. BenefitsIf only one spouse has debt, that spouse can file for bankruptcy individually to discharge his or her own obligations. This decision is important: It may affect how much of your debt is discharged and how much of your property you get to keep (in Chapter 7 bankruptcy).
If you recently got married, you now have the option to file a jointbankruptcy with your spouse to discharge your debts together. However,in some circumstances, being married can make it harder for you toqualify for Chapter 7 bankruptcy or protect all of your property. Readon to learn more about how being a newlywed can affect your bankruptcy. If you are married and considering Chapter 7 or Chapter 13 bankruptcy, you bankruptcy for married couples filing options additional issues to think about.
For most couples, joint bankruptcy will protect more of your property and discharge more debts. But not always. BankruptcyBankruptcy is a legal life line for people drowning in debt. Consumers and businesses petition courts to release them from liability for their debts. In a majority of cases, the request is granted.
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