' Can You File Bankruptcy without Your Spouse? - Law Offices of Robert M. Geller, P.A.
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Can You File Bankruptcy without Your Spouse?

can you file bankruptcy without your spouseFiling for bankruptcy is a decision that should not be taken lightly. It can affect your financial life and the way you deal with debt in the future. It’s a common option for married couples dealing with financial issues. But can you file bankruptcy without your spouse if the debt is his or her fault?

When filing for bankruptcy, it’s common for both spouses to be listed on the same petition. This helps couples manage their finances more easily, as they are both responsible for the debt incurred during the marriage.

However, this isn’t always practical or even possible depending on your circumstances. If you need to file bankruptcy alone, there are steps that you can take to make it happen while still protecting your spouse’s financial interests.

Can You File without Your Spouse?

If you and your spouse are considering filing for bankruptcy, you may be wondering if it is possible to file for bankruptcy without your spouse. While this may not be possible in every situation, there are certain instances when it can be done. In this article, we’ll discuss the benefits of filing for bankruptcy without your spouse.

One of the main benefits of filing for bankruptcy without your spouse is that it can help protect the assets you and your spouse own. If you file jointly, both spouses’ assets will be considered when determining what property is available to repay creditors.

However, if you file as an individual, only your assets will be included in this calculation. This means that if you own any assets that could be considered exempt, you may be able to keep them after filing for bankruptcy.

Bankruptcy Provides Protection

Another benefit of filing for bankruptcy without your spouse is that it can help protect you from their debt. When both spouses file for bankruptcy jointly, all the debts of both spouses will be included in the papers sent to creditors. However, if you file individually, only your debts will be considered. This can help you keep your home and other assets if your spouse’s debt is much higher than yours.

One final benefit of filing for bankruptcy without your spouse is that it can give you a fresh start. When you file jointly, both spouses’ credit reports will show the bankruptcy on their credit reports for ten years.

However, if you file as an individual, your credit report will only show the bankruptcy on your credit report for seven years.

Risks of Filing Individually

While it’s possible to file individually, there are some risks to consider before going ahead with this option.

For starters, if you have joint debts, bankruptcy will only discharge your portion of the debt. This means that your spouse will still be responsible for paying their portion of the debt. Additionally, if your spouse has been listed on a credit card or loan account, they may have negative marks on their credit report as a result of your bankruptcy. This can make it harder to get approved for loans or lines of credit in the future.

If you’re facing significant debt issues and are considering bankruptcy, it’s a good idea to speak with an attorney before proceeding. They can help you weigh the pros and cons of filing together or individually. An attorney also advises you on what steps make sense for your specific situation.

Ultimately, the right decision will depend on your circumstances. But by understanding all of the risks associated with filing for bankruptcy without your spouse, you can make the best decision for your financial future.

To learn more, contact the Law Offices of Robert M. Geller at 813-254-5696 to schedule a free consultation.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Will Bankruptcy Affect My 401k?

Bankruptcy can be a difficult decision. It’s one that has long-lasting effects on your financial future. One question that often...
Read More

Can Filing for Bankruptcy Affect Your Job?

Filing for bankruptcy can be a challenging decision that is fraught with many concerns. Among them is the fear that...
Read More

Can You Cancel a Bankruptcy?

Bankruptcy is an option that can save individuals and businesses from financial ruin. However, the process can be a long...
Read More

Does Bankruptcy Clear Child Support Arrears?

Bankruptcy is a legal process that provides relief to individuals who cannot pay their debts. One common question among individuals...
Read More

Is Alimony Dischargeable in Bankruptcy?

One of the biggest concerns that people have when considering bankruptcy is the effect on their financial obligations, including spousal...
Read More

Should You File Bankruptcy Before or After Divorce?

Marriage and finances can be a tricky combination. Timing is also an issue when it comes to filing for bankruptcy....
Read More

What’s Better Bankruptcy or Debt Settlement?

The idea of being trapped in debt can be overwhelming and all-consuming. Financial struggles can happen to anyone through no...
Read More

Can I Keep One Credit Card During Bankruptcy?

The decision to file for bankruptcy is never easy. People considering this option often struggle with financial stress, debts, and...
Read More

How Does Inflation Affect Credit Card Debt?

Credit card debt can be overwhelming. This is especially true during times of inflation. What is Inflation? Inflation is a...
Read More

Can Personal Bankruptcy Affect My Business?

If you’re a business owner considering filing for bankruptcy, it’s important to understand how this decision impacts your business. From...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions