Can Only One Spouse File For Bankruptcy?
Whether you and your spouse realize you are unable to afford your mortgage or you start to fall behind on credit card payments, you may wonder about the potential of using a bankruptcy declaration to eliminate debt. Although it is not mandatory for both you and your spouse to file, in some situations, it may be beneficial to do so.
At The Law Offices of Ronald I. Chorches, our lawyers give your family the information you need to move forward with the best option possible.
What If My Spouse And I Both File?
If you are married and you file for bankruptcy by yourself, your spouse will still be liable for any shared debts. Additionally, the decision may be reflected on your spouse’s credit report. If you and your spouse both file, on the other hand, you may be entitled to greater bankruptcy exemptions for property, including:
- Residential property
- Health and life insurance
- Disability benefits
- Personal property
- Public benefits
The best option for filing will depend on your individual circumstances. Before making any decisions, you should schedule a free consultation with one of our bankruptcy attorneys to review your options.
Solving Your Financial Puzzle
No matter what kinds of financial hurdles stand in the way of you and your spouse, there is always more than one way to clear them. If filing for Chapter 7 or Chapter 13 is the most effective path to a debt-free life, our attorneys provide you with comprehensive bankruptcy information. If other alternatives are available, we help you choose the option that best meets your needs and goals.
Get In Touch With Us
Trust our dedicated law firm to help you take back control and move forward with clarity, even in the murkiest of cases. For a free case evaluation, call us at 860-563-3955 or reach us online.