Can You File Bankruptcy on Your Husband's Debts?
Filing bankruptcy on debts that do not belong to you is not possible. Spouses can file bankruptcy either independently of one another or together. You are allowed to include accounts you share with your husband in your personal bankruptcy filing.
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Types
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Depending on your income, you are either eligible for a Chapter 7 or Chapter 13 bankruptcy. Chapter 7 bankruptcies dispose of all debt while Chapter 13 bankruptcies restructure current debts into a three to five year repayment plan.
Credit
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Filing for bankruptcy is very damaging to your credit score. Chapter 7 bankruptcies remain on your credit report for ten years and Chapter 13 bankruptcies appear for seven years.
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Benefits
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Filing for bankruptcy can help prevent foreclosures and repossessions.
Co-signers
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Anyone who co-signed for any of your debt becomes liable for the full amount of the debt when you file for bankruptcy.
Time Frame
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A Chapter 7 bankruptcy is discharged in as little as four months. Chapter 13 bankruptcies take three to five years to discharge.
Warning
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Not all debts can be discharged through bankruptcy. Neither you nor your spouse can dispose of your obligations to child support, unpaid taxes, student loans or alimony by filing for bankruptcy.
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References
- Photo Credit creationc:sxc.hu
