What to Do if Your Spouse Doesn't Want to File Bankruptcy
While most couples try and file for bankruptcy together, there are some in which one of the parties does not feel like it's something they want to do. And you know what? That's fine.
There have been hundreds (thousands really) of cases where a husband, or a wife, but not both, have filed for bankruptcy. While it makes sense in a case where both spouses have a lot of joint debt, it is certainly never a requirement that both of them file. In fact, there are some situations in which it makes no sense for both husband and wife to do it.
An example would be if the debt that's causing you to struggle is your own debt (and not joint, marital debt), it might be easier on yoru marriage if you file solo.
If one of the spouses will need to take out a loan soon, it's usually best that they don't file. This is sometimes a useful strategy to help the couple rebuild credit even before the case is completed.
Another good example is when the couple owns property they purchased together in the marriage and there is a lot of equity. If they file together, they could potentially lose that property to creditors, but if the debt is not joint, one spouse can file and be able to protect the property from creditors in its entirety
Finally, there are some situations where it would be better for a person to wait a few months before filing bankruptcy. If that ends up being the case, it may make more sense for the spouses to file separately;one now, and the other to wait.
Whether or not you plan to file with them, bankruptcy is a big decision and something you should always discuss with your spouse. If you do end up deciding to file separately, it's still important to consider any joint debts. If you file bankruptcy, your creditors can't come after you. But if there are two names listed on the debt, and one of them files for bankruptcy protection while the other doesn't…. who do you think is going to start receiving a lot of phone calls?
Deciding whether or not to file with your spouse is one of the many complicated questions it brings up, after all filing for bankruptcy is a big step. The best kind of bankruptcy attorney will get in-depth with you and go over all of this information to help you make your decision.
About the Author
James Brown is a personal bankruptcy attorney in St. Louis, Missouri. He has filed over 30,000 bankruptcy cases and published many books and articles. You can request his free Missouri and Illinois bankruptcy guide at http://www.castlelaw.net for the best tips on how to prepare for your bankruptcy and find a great bankruptcy attorney.
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