How will filing for bankruptcy affect my spouse?

Filing for bankruptcy in Mississippi can have an impact on your spouse, depending on the type of bankruptcy you file. If you file for Chapter 7 bankruptcy, in which most or all of your debts are discharged, then your spouse is also typically released from liability. However, if you file for Chapter 13 bankruptcy, in which you have to pay back debts over a period of time, then your spouse may be liable for your debts if they are considered “joint debts”. Joint debts are those which a spouse cosigned or agreed to pay, and the court will collect on the debt from either the debtor (the person who filed for bankruptcy) or the non-debtor (the person’s spouse). So, if your spouse cosigned on any of your outstanding debts, they may still be legally liable to repay those debts if you file for Chapter 13 bankruptcy. Additionally, the court will take into consideration your combined income and assets when deciding how much you and your spouse should pay back under a Chapter 13 bankruptcy. This means that your spouse may be responsible for repaying some of your debts in whole or in part. In any case, filing for bankruptcy will affect both you and your spouse, and it is important to consider both of your financial situations before filing.

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How will filing for bankruptcy affect my spouse?

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