As is so often the case, the answer here is that “it depends”. Only an experienced bankruptcy lawyer can provide reliable advice regarding your options. Here, however, is some general information.
Marital Debts and Marriage Trends
Debts incurred during marriage, are most often owed “jointly and severally”. This means that the creditor can seek repayment of the full debt from either spouse or, more commonly, both. Loss of income by one spouse due to downsizing, disability or other causes therefore places pressure on both to continue paying their bills. When a couple with joint debts decides that bankruptcy is the only viable solution, they will almost always be advised to file a joint bankruptcy petition.However, recent Pew Research Center studies revealed two current trends:
- Americans are waiting longer to marry for the first time.
- Marriages in which one or both spouses have been previously married are on the increase, especially among individuals age 55 and older.
So Who Should File?
One partner’s individual filing does not compel the other to follow suit. If only one spouse has significant debt in his or her name alone in most cases there is little advantage to a joint filing. However, in either of the following situations, an individual filing by only one spouse can result in the worst of both worlds:- Both members of a couple are struggling to repay individual debts which each brought to the marriage.
- The couple have since being married jointly acquired real or personal property or taken on joint debt