You Don't Have To File With Your Spouse
Another common misunderstanding of bankruptcy is that if you are married, both spouses must file for bankruptcy together. For the majority of bankruptcy cases, the legal system does not require both spouses to file together; although, there are certain circumstances where it would be beneficial. For example, if both spouses have accounts or loans that they are struggling with, it may make more sense for both to file and alleviate their debt. However, if the delinquent accounts are primarily in just one spouse’s name, it may be more beneficial for them to file for bankruptcy alone, protecting the other’s credit history and accounts.
One thing to consider is if you have accounts that are in both yours and your spouse’s name. If you do, and your bankruptcy releases you from liability for them, then your spouse will still be liable to pay them. Therefore, when you are thinking about filing for bankruptcy, the question isn’t whether you can file alone from your spouse but rather is it beneficial to file alone from your spouse? There isn’t a general answer for this because it really depends on your individual financial situation. Although, if the delinquent accounts are in your name only and you want to file alone, then bankruptcy could be a possibility for you. After thinking about your financial situation, if you think that bankruptcy may be right for you, call us for a free consultation to evaluate your options.