Can I File Bankruptcy Without My Spouse? - Bankruptcy Questions Answered | Fisher-Sandler

Описание: Can I File Bankruptcy Without My Spouse? Call (703) 967-3315 or visit https://fishersandlerlaw.com​​​ and ask us about our 👉$0 Down Bankruptcy Program today.👈

How will filing for bankruptcy affect my spouse in Virginia?

If you’re married, you can file bankruptcy with or without your spouse. Filing individually doesn’t mean your spouse won’t be impacted. Before you choose to file individually or jointly, you’ll want to consider many factors, including what debts and assets you have together, whether you co-mingle your finances.

How does bankruptcy affect my spouse in Virginia?

If a husband files bankruptcy without his wife, only the husband’s debts are discharged. If the debts are held jointly, the non-filing wife will still owe even after one spouse has filed bankruptcy.

The bankruptcy filing will appear on the husband’s credit report, but should not appear on the wife’s. If a non-filing spouse receives an adverse rating on their credit score as a result of their spouse’s bankruptcy, the matter should be addressed immediately with the credit reporting agencies. A non-filing spouse should not have their credit damaged as a result of their husband or wife filing for bankruptcy.

Beyond just debt, another issue for married couples to consider when evaluating bankruptcy is how assets are held. If one spouse owns property in her name only and doesn’t file bankruptcy, it won’t become part of the bankruptcy estate.

This could be an important factor depending on the value of the asset, because Chapter 7 is technically a liquidation. All the property you own that exceeds the value of your state’s exemption laws is subject to sale by the bankruptcy trustee. However, the trustee only has jurisdiction over the property of the party that files. For example, a wife’s home that is only in her name does not become part of her husband’s bankruptcy estate.

However this only a general rule. Many states recognize a concept known as “equitable title”. If your state is one of them, sometimes a house or other property not in your name can be administered by your bankruptcy trustee. This is complicated stuff and you need to discuss this concept with qualified legal counsel.

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DISCLAIMER
The information in this video is not intended to provide legal advice or to create an attorney-client relationship; but is intended for general education and information purposes only. Laws change periodically, therefore the information in this video may not be accurate. It is imperative that you seek legal counsel in order to determine your rights and obligations under the law and based upon your specific circumstances.