Can one spouse file for bankruptcy and not the other?

Can one spouse file for bankruptcy and not the other?

You can file for a bankruptcy in California either jointly with your spouse or individually. California is a community property state, and even if you file bankruptcy separately without your spouse, your community property is protected. Creditors cannot come after any part of it as long as you are married.

Will filing bankruptcy affect my future spouse?

Prior assets and debts do not become marital property. In short, if you file for bankruptcy before getting married your future spouse will NOT be affected. If you file bankruptcy and the debt included is owed by you only, then the process should not have an effect on your spouse-to-be.

What happens if spouse files bankruptcy?

If a husband files bankruptcy without his wife, only the husband's debts are discharged. If the debts are held jointly, the non-filing wife will still owe even after one spouse has filed bankruptcy. A non-filing spouse should not have their credit damaged as a result of their husband or wife filing for bankruptcy.

Is it better to file bankruptcy before or after marriage?

By filing for bankruptcy before you marry, you'll likely minimize the damage to your spouse's financial health. In addition, if you'd like to file for Chapter 7, also known as a liquidation bankruptcy, filing before marriage is generally the better option.