Does My Spouse Get Affected By My Bankruptcy Filing?

husband and wife are worried on their finances

Does My Spouse Get Affected By My Bankruptcy Filing?

Many people have questions about whether their bankruptcy will affect their spouse at all.  Issues such as the spouse’s credit, any joint accounts, or accounts strictly under his or her name are of great concern.  In this piece we shall shed some light on this subject, courtesy of Brooklyn bankruptcy attorneys, Ursulova Law Offices P.C. Please read the entire blog.

Bankruptcy and Your Spouse’s Credit

The answer to this question can be a little vague says Brooklyn bankruptcy attorney, Ursulova Law Offices P.C. In most cases, the answer is no, your bankruptcy will not affect his or her credit.  It sounds like there might be exceptions, right?  Actually, yes; allow us to explain.

As long as the accumulated debt was acquired only by you, if you file for bankruptcy it will not affect your spouse.  The exception comes into play if you both owe money to any creditors AND you file a joint bankruptcy case.  If your spouse is not considered a co-debtor, their credit will not be affected by your bankruptcy case’s decision. 

What If You Filed for Bankruptcy Before Getting Married?

Again, if the debt is yours alone, it will not affect your spouse’s credit even if the filing took place before you got married.  If you both have a significant amount of debt, it is possible to file for bankruptcy after marrying.  

Doing it that way will save both of you some money on related expenses.  However, if you do that, it probably will negatively impact his or her credit.  To fully understand the scope of this issue, it is highly recommended you hire Ursulova Law Offices P.C., the Brooklyn bankruptcy lawyers.  They will explain everything. 

Pertinent Details Regarding Joint Accounts and Bankruptcy

According to the Brooklyn bankruptcy lawyer quoted earlier, if you are filing for bankruptcy as an individual but have a joint account with your spouse, you have to list this as an asset.  The only way for him or her to avoid responsibility for co-payment of your debts is if you are able to prove you have no claim to any of that money.

What About Accounts That are Only In Your Spouse’s Name?

Assets such as property or a separate bank account that are only in your spouse’s name should not be able to be touched.  The line in the sand is as long as you have not filed for bankruptcy together.  This can be a tricky proposition that the lawyer for the opposition will typically try to exploit.  Make sure you have your own attorney present.  

Important Facts to Take Notice Of:

Let’s say you are married and file for bankruptcy and win.  That will take care of your portion of the debt.  If your spouse is a cosigner, or you have a joint account with him or her, your creditors can still go after them for payment of the debt. 

It is only if a court deems him or her not responsible for paying your debts that they will be exonerated.  Creditors do not want to hear sob stories.  They only want their money.  This is another reason to have a good lawyer at your side. 

How Can Your Attorney Help?

A lawyer such as bankruptcy attorney Brooklyn NY firm, Ursulova Law Offices P.C. might advise you to file a Chapter 13 so that, as a cosigner, your spouse is granted a stay.  Your attorney will explain all that is involved with this procedure.  You can then determine if it is a good option for you.  If a Chapter 13 is not in the best interest of you and your spouse, your representative will suggest something that will work better. 

Parting Thoughts!

You definitely should not go into a bankruptcy proceeding without a lawyer by your side.  He or she will take all facts and proof of your statements into account and create a good strategy for you.  Even if you are not a resident, you can still hire Brooklyn bankruptcy attorney Ursulova Law Offices P.C. They will accommodate you on a remote basis.  Call today!

Ursulova Law offices, P.C.

Contact Ursulova Law Offices, P.C. to find out how our NY Bankruptcy Attorneys can help you today. Our offices are located in New York, Brighton Beach, Brooklyn and Garden City.


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