Do you have to include your spouse in bankruptcy?
Do you have to include your spouse in bankruptcy?
In both a Chapter 7 and Chapter 13 bankruptcy, you are required to include your spouse’s income in your bankruptcy petition. This means that you can deduct any personal expenses that she pays with her own separate income and exclude that part of her income that is not used to support your household.
How long does a bankruptcy show up on your credit report?
seven years
The bankruptcy public record is deleted from the credit report either seven years or 10 years from the filing date of the bankruptcy, depending on the chapter you filed. Chapter 13 bankruptcy is deleted seven years from the filing date because it requires at least a partial repayment of the debts you owe.
What happens if a husband files bankruptcy without his wife?
If a husband files bankruptcy without his wife, then only the husband’s debts are discharged in bankruptcy and the wife’s debts are still unaffected. If the debts are held jointly, then the non-filing wife will still owe even after one spouse has filed bankruptcy.
Can a single spouse file bankruptcy for joint debts?
However, in states, that follow community property law, then a single spouse bankruptcy for joint debts may be advantageous, in some situations. How Will Filing Bankruptcy Affect My Spouse? If a husband files bankruptcy without his wife, then only the husband’s debts are discharged in bankruptcy and the wife’s debts are still unaffected.
When is it best for a spouse to file bankruptcy?
If so, it may be best for the heavily indebted spouse to file bankruptcy to preserve the other’s credit score. If, on the other hand, joint debts are your main problem, it will be necessary for both spouses to file in order to truly rid yourselves of debt.
How does bankruptcy affect a spouse’s credit report?
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.