You’ve tried everything else that you can. The harassing phone calls and foreclosure or repossession threats can take their toll. People often turn to Chapter 13 bankruptcy in this situation to regain control over their debt by repaying their creditors over the next three to five years.
If you’re married, you may wonder how involved your spouse must be if you’re not filing bankruptcy as a couple. As you’d imagine, being married does influence your bankruptcy. A court will want to see the complete financial picture for a married couple.
What the courts need to know
As you compile your bankruptcy petition, you will need to gather your spouse’s info, including:
- Their creditors and amount of debt owed.
- What your spouse does for work and how much they earn.
- Any property they own.
- A breakdown of their monthly expenses.
Debt management is marriage management
Debt is a factor in many divorces. Married couples comprised nearly two-thirds of all bankruptcies just a decade ago. Sources of debt from credit cards, student loans and even your wedding can strain your marriage. Not only is bankruptcy a great way to reassert control over your debt, but also a great way to fortify your marriage.
Not only can you stop harassment from creditors by filing bankruptcy, you can ease the stress within your home too. Filing for bankruptcy isn’t admitting defeat or failure as much as it is saying that you need help in getting your debt situation under control.