Can I file bankruptcy without my spouse or partner?

Below is an article from Attorney Peter Francis Geraci. Read more articles @ https://www.infotapes.com/articles

My spouse has separate bills from mine, I don’t want my bankruptcy to affect their credit score.

What if wife has $40,000 in credit cards (minimum payment $1000 a month for next 30 years if she never uses them) and a car loan in her name. She makes $60,000, and so does her husband, who has no bills except a car in his name only. So the household income is $120,000.00. Can the wife file her own bankruptcy and not affect the husband?

Answer: Yes if she wants to pay the credit cards with no interest at $800/month for 54 months or less. The answer for Chapter 7 is also Yes if she has kids from a previous marriage, files her own tax returns, and doesn’t keep joint accounts with the husband. But for Chapter 7, if she files jointly with husband, has no kids or they have one together, they “mingle” their income as well as expenses, so she probably does not qualify for Chapter since the “mingled” or “joint” income is $120,000, above the median income for a family of 3, because President Biden and Senator Grassley got a “Means Test” enacted into bankruptcy law. That says “if you have the “means” to pay your debt, you should”. Geraci Law is expert on the “Means Test”.

But either way, whether she chooses a Chapter 13 filing on her own so she can be done in a little over 4 years, and not 30 just paying minimums, her filing does not affect her husband because they have no joint debts.

When a spouses or domestic partners have “high” income, over $100,000, they usually have joint debts, filing IRS together, and benefit from a joint Chapter 7, or Chapter 13. Geraci Law has a large practice involving “high” income households, and can advise you of your “get out of debt” options.

Can you keep your filing a “secret” from your spouse or partner? Not a good idea, if you are afraid they will “find out” you should just pay your debts.

Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at www.infotapes.com.  Bankruptcy laws are in place to help you.  Who knows bankruptcy like Geraci Law?  Geraci Law has 35,000 5-star reviews since November 2016!

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