You and your spouse have been struggling with debt for a while, but when you had to add on thousands in medical debt because of a car crash, you nearly lost all hope. You were just starting to feel that you were making progress, and now it’s all lost. You’re frustrated and tired of dealing with the situation.
If your circumstances are like this, then you need to know that you’re not alone. Many people in the United States struggle with significant debt. Bankruptcy could be the right answer.
As a married couple, you do have the option of going through bankruptcy together. You can also do it separately.
Why might you want to file for bankruptcy without your spouse?
Consider a situation in which the majority of the debts you’re behind on are in your name only. They have no impact on your spouse when you miss payments (other than the added stress to your household). If your spouse has great credit, it wouldn’t make sense to add them to the bankruptcy unless they also had significant debts that they couldn’t pay.
On the other hand, if you have shared debts, then it makes more sense to file together. You’d both be protected during the bankruptcy and walk away with fewer debts later on when the bankruptcy is finally over.
The decision you make should be based on an appropriate financial strategy, not just on what you think is best. Your attorney can talk to you about the benefits of filing together or separate, so you can know more before making a decision.