Can One Spouse File For Bankruptcy?
In the state of Illinois each spouse can own property separately or the spouses may own property jointly.
If you wish to file bankruptcy to address debts that are in your name only, you can do so and keep your spouse out of the bankruptcy. However, your eligibility for Chapter 7 versus Chapter 13 bankruptcy is determined based upon the family's income and expenses. In this sense, your spouse's financial picture is part of the equation that goes into determining your bankruptcy options.
There are often good reasons for just one spouse to file bankruptcy. An experienced bankruptcy law attorney at Edwin L Feld & Associates, LLC, can advise you on questions such as:
- Would it be advantageous in your case to file bankruptcy or for your spouse to file bankruptcy, but not the two of you together?
- If you file bankruptcy or if your wife or husband files bankruptcy alone, what steps should you take to protect the non-filing spouse from any negative consequences?
- What about debts that are in both of your names? What will happen to those debts in your bankruptcy?
A personalized review of your family's financial big picture can determine whether one of you can — and should — file bankruptcy alone, or whether you both should file. Our bankruptcy law attorneys can advise you as to what course of action is in your best interests, both separately and together.
Contact An Experienced Chicago Bankruptcy Attorney
For information on issues such as the question of "Can one spouse file for bankruptcy?" contact Edwin L Feld & Associates, LLC, at one of our Chicagoland area law offices. To schedule a free consultation with a lawyer at any of our convenient office locations, contact us toll free at 888-645-4357. You may also contact us by email.
