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Bankruptcy Options for Married Couples

Married couples often share the same debts, but that is not always the case.  There are bankruptcy filing options for both situations.  One partner may need to wipe out their debts but want to avoid harming the other partner’s credit.  In some states, it can be beneficial to file for bankruptcy jointly.  Before deciding, you should know the pros and cons of each filing option for married couples.

One Spouse Filing for Bankruptcy

If a couple is in a situation where only one of the two partners needs to file for bankruptcy, filing individually may be the right choice.  An individual can file for chapter 7 or chapter 13 bankruptcy.

Chapter 7 Bankruptcy: The Tax Considerations

Believe it or not, filing for bankruptcy under Chapter 7, liquidating most of your assets, and starting over is not the end of the story.  Chapter 7 is unique because a separate estate is created using your non-exempt assets (see Chapter 7 posts for more information).  The assets within this