Bankruptcy, Married Couples & Divorce
Bankruptcy, Married Couples & Divorce
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Bankruptcy for Married Couples: Filing Options
If you are married and considering bankruptcy, you'll have to decide whether to file separately (that is, only one spouse files for bankruptcy and the other is not part of the case) or jointly (both spouses file together).
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Will My Bankruptcy Affect My Spouse?
If you are married, you can file an individual bankruptcy without your spouse. But even if you file alone, your bankruptcy will affect your spouse. In general, whether your bankruptcy will affect your spouse will depend on whether you have joint property or debts with your spouse, the property laws of your state, and whether you file for Chapter 7 or Chapter 13 bankruptcy.
What Happens to Joint Debts and Property in Bankruptcy?
What Happens to Joint Debts and Property in Bankruptcy?
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What Happens to My Cosigner in Chapter 7 Bankruptcy?
Chapter 7 bankruptcy discharges most unsecured debts, like credit cards, and allows you to keep secured debts like car loans and home mortgages if you agree to repay the loans. Despite your bankruptcy filing, if you have a cosigner on your debts, your cosigner will still be responsible for the debt.
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What Happens to My Cosigner if I File Chapter 13 Bankruptcy
If you file Chapter 13 bankruptcy and you have debt with a cosigner, your bankruptcy could affect the cosigner.
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How Is Joint Property Treated in Bankruptcy?
How will your bankruptcy filing affect your spouse and the property you own together? The answer depends on what type of case you file, whether you file alone or with your spouse, how you own your property, and the laws of your state about marital property.
