Can married couples file individual bankruptcies?
If you’re married and struggling with your economic situation or credit card debt, you may have put off filing for bankruptcy because you believe that you must file with your spouse, a decision that could affect their finances as well as your own.
If you're married and struggling with your economic situation or credit card debt, you may have put off filing for bankruptcy because you believe that you must file with your spouse, a decision that could affect their finances as well as your own. Because of this, even couples who share everything, including responsibilities for buying groceries and Christmas presents, may be reluctant to file for bankruptcy jointly.
The good news is that couples in Minnesota don't have to go through filing for protection together! If you so choose, just one spouse can claim bankruptcy without affecting their partner's credit score at all.
Even after you're married, you maintain an individual credit score, and your partner is listed as a spouse with the credit agencies. As such, you can claim an individual bankruptcy.p>
It's important to note, however, that if you've incurred any debts as a couple, such as on a mortgage you took out jointly, your spouse will still owe money to those creditors if only you file for protection.
Also, depending on the length of your marriage, it may be in your best interest to file individually. Even if you have joint assets, if you have only been married for a few months, your spouse may not be liable for those debts.
By speaking with an experienced St. Paul bankruptcy law firm about your circumstances and the types of debt you're struggling with, you can determine not only which chapter of bankruptcy protection is right for you, but whether you should file with or without your spouse in order to minimize your family's burdens.
Michael Sheridan and the associates at Atlas Law Firm are experienced in advising Minnesota residents in these situations, and can work to ensure that you owe as little as possible to your creditors while maintaining possession of your assets.