Should Both Spouses File Bankruptcy?

We often receive questions from married clients about whether both spouses should file bankruptcy. The answer depends on how long you've been married, whether your debts are joint or separate, and whether you own assets jointly.

At Charles J. Schneider, P.C., our lawyers offer a free initial consultation to answer your questions about joint bankruptcy filings. Our law office is conveniently located in Livonia, Michigan, and we serve clients throughout the Detroit metropolitan area.

Do You Own Property And Debts Jointly?

The longer two people have been married, the more intertwined their lives become financially. For example, if you and your spouse jointly own your home, then you are both responsible for the mortgage.

Similarly, if you and your spouse have a joint credit card, you are both responsible for the debt associated with that credit card, even if one spouse ran up all of the charges. If one spouse declares bankruptcy, then the credit card company can sue the other person whose name is on the account.

If you and your spouse are newly married or do not own property or debts jointly, then it may be possible for only one of you to file bankruptcy.

How Will My Bankruptcy Filing Affect My Spouse?

If you are filing bankruptcy but your spouse is not, it is important to take great care to ensure that your filing will not negatively affect your spouse. While the filer is protected by bankruptcy's automatic stay of debt collection activities, the nonfiling spouse would not be.

It is important to discuss all of your assets and debts with a qualified bankruptcy attorney before you decide whether one or both of you should file bankruptcy.

Livonia Marriage Debt Attorney

To discuss spousal debts with a certified Livonia bankruptcy lawyer, call 734-237-1523 or fill out the contact form on this website. We offer evening and weekend appointments.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.