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== Bankruptcy== One person can file a bankruptcy in a marriage. You will need to take into account the income and expenses of the parter. The Trustee may ask some questions to make sure you are not trying to hide assets in the other person's name. Be sure you can back everything up and you should have no problem.
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∙ 17y ago
Wiki User
∙ 8y agoIf the debts are joint, then yes, to get any benefit, you both have to file.
If one partner filed and the other did not, and the debts are joint, you'll just shift the whole burdon to the other partner.
Contrary to popular belief, bankruptcy does not "destroy" your credit. You will be charged higher intrest rates at first, but if its a large item, you can come back later and refinance. (This applies mostly to homes).
As far as credit cards, you'll start getting applications immediately after discharge.
Wiki User
∙ 18y agoYes, non-married couples with joint debts must file separately. Married couples do not have to file jointly if there are no joint debts included in the filing. The exception is, if they live in a community property state, in which case the non-debtor spouse should also file to assure full protection of exempt property and prevent creditors from pursuing them for collection of the debt(s).
Wiki User
∙ 15y agoNo, but the wife may have to come up with money to pay her share of the equity if it goes beyond her exemption. Unless the wife has recorded a homestead declaration - usually done by the husband. Consult an experienced bankruptcy lawyer in your state for advice on this situation.
Wiki User
∙ 12y agoNo. Legal spouses can file for joint bankruptcy, but this does not apply to domestic partners or partners in a civil union. Legally married same-sex couples can file for joint bankruptcy effective June 26, 2013.
Wiki User
∙ 13y agoA bankruptcy can be filed by a married couple jointly or independently by one (or both) parties separately. Bankruptcy filings are generally done by the individual carrying the most dischargeable debt. If it is one of the marriage partners, that is who will file and can keep one party in the union with a little better credit score. So, short answer is yes, long answer it depends upon a myriad of reasons.
Wiki User
∙ 11y agoIf you mean can a wife and husband file a joint petition, the answer is yes. If you are in a same-sex marriage, probably not, until DOMA is repealed.
Wiki User
∙ 14y agoYes. Both individually or jointly.
Wiki User
∙ 13y agoYes.
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Can you file bankruptcy on your deceased spouses debts?
No.
Do both parties on a joint mortgage have to file bankruptcy on a joint mortgage?
No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.
Wifes assets if you file bankruptcy?
if your legally married when you file bankruptcy, you must include every single asset including the spouses. depends on what type of bk you file. you may be able to keep your assets.
Does bankruptcy affect both spouses in Minnesota?
Bankruptcy has some effect on both spouses regardless of where they live. Unless the two spouses have taken great care to ensure that their assets are entirely separated from one another, then there is likely to be some part where the spouse will be financially affected by a bankruptcy. For details you should contact a Minnesota bankruptcy lawyer (see related links). They will be able to provide specific information about how a spouse could be affected by bankruptcy.
Does both spouce's have to file bankruptcy?
yes
Can a married couple file bankruptcy separately?
In most states filing for divorce is not going to get the other spouse out of helping to pay bankruptcy debts. Many states have a communal property law that states both spouses are liable for debts, both during marriage and during a divorce.
Can my spouses' chapter 7 bankruptcy affect my inheritance?
No, unless you both filed a joint BK petition.
Can married couples file bankruptcy separately in Illinois?
A married couple can file for bankruptcy separately in Illinois, as it is not uncommon for one spouse to have a significant amount of debt in their name only. However, if spouses have debt they want to discharge that they're both liable for, they should file together. Otherwise, the creditor will simply demand payment for the entire amount from the spouse who didn't file. When a married couple face bankruptcy, they can file jointly, one can file while the other doesn't or they can file separately at the same time.
You owe your sister money can you file bankruptcy on that loan?
If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.
Will your wife have to pay if you file bankruptcy?
If her name is on a loan that you file bankruptcy on than she would then be responsible for that loan. Filing a bankruptcy only gets your name off the loan(s), you would both need to file together.
Bankruptcy if married can one spouse file bankruptcy independently from the other Is the one spouse then held responsible for the first spouse's debts if bankruptcy Is filed?
One spouse can file bankruptcy separately and both are held responsible.
How do you file chapter 7 together or separate if you are separated?
When you file a mutual bankruptcy, you and your partner file a single set of bankruptcy papers with the court. In your bankruptcy appeal, you release all property, debt, income, and expenses you have between both you and your partner.
