Should You File for Bankruptcy?
Should You File for Bankruptcy?
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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.
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What Is the Downside of Filing for Bankruptcy?
Bankruptcy provides people with a fresh financial start, but filing for bankruptcy is not something to be taken lightly. Be sure you understand the consequences of a bankruptcy notation on your credit report, such as difficulties purchasing a home or car on credit, renting housing, and opening a bank account.
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How Much Debt Do You Have to Have to File Bankruptcy?
You don’t need a minimum amount of debt to qualify for bankruptcy. But bankruptcy will impact your credit and deprive you of your ability to file again soon should you experience another financial crisis. So when deciding whether a bankruptcy filing will be worthwhile, consider other options, such as whether you can afford to pay back your debts or resolve your obligations with creditors outside of bankruptcy.
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What Is the Downside of Filing for Bankruptcy?
Bankruptcy provides people with a fresh financial start, but filing for bankruptcy is not something to be taken lightly. Be sure you understand the consequences of a bankruptcy notation on your credit report, such as difficulties purchasing a home or car on credit, renting housing, and opening a bank account.
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How Will Filing Bankruptcy Affect My Children?
Learn how bankruptcy might affect your children, including whether they'll lose property, be able to get college loans, continue receiving child support payments, and more.
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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.
