Missouri | Bankruptcy
Legal Question
Hello!
I would like to file bankruptcy. I am married. Is there any way to file this without affecting my husband's credit?
Thank you!
Denise
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Legal Answer
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Read More Answered By: Alicia Beeler Villines |
Denise-- "Affecting" is a pretty general term. If you are asking if you can file a solo bankruptcy even though you are married, the answer is yes.
The purpose of a bankruptcy is to obtain a discharge from your debts; this will give you a "fresh start." If you and your husband are both obligated on debts, the value of your financial fresh start may be less than if he joined you in filing. If, however, your debts and your property are totally separate, it may be best for you to file separately.
Some credit cards have a clause in them that a person who uses the card becomes liable for the entire balance, not just the purchase s/he made. And if you own property together, filing bankruptcy may put it at risk. Then again, depending upon the circumstances, it may not be an issue at all. For example, if you own a home together and there is less than $15k of equity (equity =s fair market value minus the amount owed on it) the house is exempt from creditors' claims in a Chapter 7 bankruptcy. But if your house has more than $15k worth of equity, you may want to choose another way to address your financial difficulties. One option might be a Chapter 13 bankruptcy. |
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