If I am married and would like to file bankruptcy by myself, how will this affect my wife and her credit or our joint assets?

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If I am married and would like to file bankruptcy by myself, how will this affect my wife and her credit or our joint assets?

Asked on October 18, 2012 under Bankruptcy Law, Texas

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you have separate credit than your filing should not affect your spouse's credit in anyway; neither will any separate assets that your wife has (i.e. those in her name alone). However, to the extent you have joint accounts not exempted by law, they will be affected. 

You need to be aware that unless you are living apart and are legally separated, in a situation where only one spouse files, the income and expenses of the non-filing spouse is required so that the court, the trustee and creditors can evaluate the household's income. That having been said, this in no way obligates your spouse, either legally or financially.

At this point, you should consult directly with a bankruptcy attorney in your area.


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