If you are married but are filing for bankruptcy on your own, not a joint bankruptcy with your spouse, how will your spouse's assets affect the bankruptcy? How is your spouse's property treated in your bankruptcy filing?
If you are married but are filing for bankruptcy on your own, not a joint bankruptcy with your spouse, how will your spouse's assets affect the bankruptcy? How is your spouse's property treated in your bankruptcy filing?
In simple terms, your spouse is a separate person and, thus, their separate assets will not ordinarily have a significant effect on your bankruptcy. However, your spouse's income may become a factor in determining whether you may file for Chapter 7 bankruptcy, as opposed to being required to file a Chapter 13 case, and could also affect how much money you are required to repay in a Chapter 13 plan.
Although your spouse does not have to sign your bankruptcy petition, the spouse's financial information may need to be disclosed during the bankruptcy process. It is also possible that some joint assets could be sold, depending upon the full facts.