You and your spouse are partners. You have built a life together. You may have purchased property together and you may have incurred debt together. Now, you are considering bankruptcy and you are wondering if that is something that you also have to do together. The short answer is that a spouse does not always have to file bankruptcy just because the other spouse is filing bankruptcy. For some couples, the short answer is also the best answer. However, it is not always that simple.
If you are married and considering bankruptcy, then the decision of whether to file an individual or joint bankruptcy petition is one that you should consider with your bankruptcy attorney. Minneapolis bankruptcy lawyers can help you make the decision is that best for you and your spouse.
Things to Consider When Deciding Whether to Include Your Spouse in Your Bankruptcy Petition
When you are deciding what makes sense for your financial future, and the future and security of your family, it is important to consider:
- Your Joint Debts: If you and your spouse are jointly liable for a debt, then your bankruptcy will not result in a discharge of the debt against your spouse if you file for Chapter 7 bankruptcy in Minnesota. If, however, you file for Chapter 13 bankruptcy protection, then the debt may be deemed satisfied against your co-debtor spouse upon discharge of your bankruptcy.
- Your Joint Property: Property that you own with your spouse may be included in your bankruptcy if you file for Chapter 7 bankruptcy relief. Thus, your spouse may lose property that is jointly owned with you even if he or she is not technically a party to the bankruptcy.
- Your Choices. There are a variety of factors that may influence whether or not you should file a joint bankruptcy petition. You have choices and you should discuss those choices with a Minneapolis bankruptcy lawyer before you file.
Call an Experienced Bankruptcy Attorney, Minneapolis, MN
Bankruptcy is a big decision with significant impacts for you and your spouse. Prepare yourself by understanding what the potential impact may be, and contact an experienced bankruptcy lawyer. Minneapolis bankruptcy lawyers at the Rosenzweig Law Office would be pleased to provide you with a free consultation. Please call a Minneapolis bankruptcy attorney today at MN (952) 920-1001 or AZ (480) 207-2203 and please read our FREE Minnesota bankruptcy book, What You Need to Know About Filing Bankruptcy in Minnesota, to learn more.