Can I File Bankruptcy If I Am Married?

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Bankruptcy can be filed if a person is married in ways that may or may not affect the credit rating of the spouse. A spouse can be sheltered from the effects of bankruptcy only if the spouse has not signed up for joint credit agreements. Hire a bankruptcy attorney for information on filing bankruptcy with insight from a registered financial consultant in this free video on bankruptcy.

Part of the Video Series: Investing & Money Management
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Video Transcript

This is financial adviser, Patrick Munro, talking about can I file bankruptcy if I'm married. Bankruptcy is a difficult financial decision to make, and normally, it's a last ditch attempt that a creditor would put you into, because there's significant losses that would be suffered by the creditor by going into bankruptcy. But if it's a loss situation, where an individual has lost their jobs and debts continue to mount, it is a legal process that you can enter into. If you are married, you can also enter into that, as well. If your spouse has good credit, there are legal ways to shelter her from the impact, which really is 7 to 10 years of bad credit file that you will suffer after the bankruptcy. The attorney is the one that would set that up and protect the spouse who is not under a problem of that. However, if spouses have signed joint credit arrangements, and they signed joint car loans, joint mortgages, joint credit cards; then, of course, the couple both would go under the bankruptcy act moving forward. This is Patrick Munro, financial adviser, answering the question, can I file bankruptcy if I'm married.

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