How Your Spouse May Be Affected by Bankruptcy
Bankruptcy is becoming more popular than it once was and is losing many of its negative connotations. However, this does not mean that people won’t still have concerns about bankruptcy, including how it might affect their spouse. Depending on whether a person files jointly with their spouse for bankruptcy or files individually for bankruptcy, the effects the spouse will face will be vastly different.
Joint Filing Effects
Joint filing means that a spouse will definitely be affected by the bankruptcy. As such, a person might consider filing for bankruptcy individually from their spouse so as to prevent the effects of a joint filing. In a joint filing, both spouses might be affected by:
- Property loss
- Credit effects
Because a spouse can be affected in these ways should you file for bankruptcy jointly with your spouse, it is imperative to consider your options. As filing separately, or individually, from your spouse might mean that your spouse is not affected, it may be a much preferred choice for addressing financial issues. However, the route a person takes for their bankruptcy filing will be dependent on their debts and the situation.
If you are going through financial difficulties and are considering filing for bankruptcy, but have questions about how this process may affect your spouse and family, our attorneys at the Russell Van Beustring P.C., can help you by answering any questions you may have. Call 713-973-6650 today to discuss your situation with us and learn about how we can help you navigate the bankruptcy process effectively.