You’re thinking about filing for bankruptcy. You know it can help you get back on track with your finances as well as increase your credit score in the long run. However, you’re hesitant because you don’t want it to impact your spouse’s credit as well.
Here’s some more information on how your filing could affect your spouse.
Bankruptcy and Your Spouse’s Credit
If you file for bankruptcy because you have debt, then it will not impact your spouse’s credit. This is a good thing because if you need to apply for a loan in the future, your spouse could put their name on it instead. You may want to consider filing if you racked up a lot of credit card debt, for instance, but your spouse wasn’t involved in that at all. Keep in mind that your spouse will still be responsible for their debt obligations when you file, since you’re keeping it separate.
Paying Joint Debts
If you and your spouse have joint debt, then they may still be responsible for it after you’ve filed for bankruptcy. This is something you’ll have to consider before you file. Additionally, the filing should have no effect on your spouse’s separate property — but you’ll need to double-check with a bankruptcy lawyer before filing.
Speaking With a Bankruptcy Lawyer
It’s critical to speak with a bankruptcy lawyer before deciding to file for bankruptcy. They can answer all your questions regarding your finances as well as your spouse’s and help you choose the right type of bankruptcy.
Contact Richard P. Arthur
Richard P. Arthur, Attorney at Law, will assist you with filing for bankruptcy. You can call 937-254-3738 for a consultation. He has nearly three decades of experience helping clients in Dayton and Trotwood, as well as Montgomery, Greene, Miami, Clark, and Warren counties.