Do Spouses Have to File Bankruptcy Together?
Posted on Mar 17, 2023 11:01am PDT
Bankruptcy is a complex process that can be overwhelming, especially when you are considering it for both you and your spouse. The question of whether spouses have to file bankruptcy together is a common one, and the answer is that it depends on the individual circumstances.
In most cases, each spouse has the option to file separately or together. If one spouse has a high amount of debt and the other has little or no debt, it may make sense for only one spouse to file. On the other hand, if both spouses have joint debts it may be beneficial for both spouses to file together.
When considering whether to file bankruptcy together, it is important to take into account the financial situation of both spouses, including their income, expenses, and assets. The decision should be based on what is best for both individuals and their financial goals.
If both spouses decide to file together, they will be able to discharge joint and individual debts and each will receive a fresh start.
If one spouse decides to file separately, the other spouse will not be affected by the bankruptcy. However, they may still be liable for any joint debts that were not discharged in the bankruptcy.
In conclusion, whether or not spouses have to file bankruptcy together depends on the individual circumstances. It is recommended to speak with a bankruptcy attorney for guidance on the best course of action for your individual situation. They can help you understand the benefits and drawbacks of filing together or separately, and assist you in making the best decision for your financial future.
Bowin Law Group
Brevard's Hometown Law Group