Can I File Bankruptcy without involving my spouse? It is a relevant question that every bankrupt individual would like to ask and get a genuine answer. Let us discuss under what type of situations your spouse becomes eligible to file bankruptcy application along with you. Most of the individuals, who file for the bankruptcy proceedings, usually go for Chapter 7 Bankruptcy. Very few of them will go for Chapter 11 or Chapter 13 Bankruptcy. The first thing to know out rightly here is that household income, which also includes the income of your spouse, is closely analyzed for the Means Test for Chapter 7 bankruptcy. If your spouse is not earning, then it is altogether a different issue, and in such an event he/she will not have to show the income. Therefore, when filing for the bankruptcy, you need to discuss the role of your spouse with an experienced bankruptcy lawyer or attorney. The bankruptcy lawyer or attorney should have complete idea about consequences and repercussions for you and your spouse, whether he/she is included in the bankruptcy application or not.
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Get ready to file for the bankruptcy application as this will help you to gain advantage and improve your credit score. But before filing the bankruptcy application it is very necessary that you decide whether or not you ant to include your spouse's name in the application. In case you include the name of your spouse in the bankruptcy application, it is very natural that she will also have to bear the affect of bankruptcy. Think seriously on this point before it is too late and you are in perpetrating situation. In case your spouse is your business partner, then it becomes mandatory that you include the name of your spouse in the bankruptcy and not otherwise. Further, you also need to check which are or county you are residing as the terms and conditions of bankruptcy vary according to state and county. Knowing about the bankruptcy terms and conditions will help you to understand the gravity of including or not including your spouse in the bankruptcy filing.
Now, your next willing question will be - What happens when you file for bankruptcy? Credit reports and future credit worthiness, both you and your spouse will be checked by the government and based on it the joint debts will be paid. It is better that you discuss the situation with the bankruptcy lawyer or attorney.
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