When you get married, you agree to share your life with your new spouse, in sickness and health, for richer and poorer— but what about bankruptcy? When one spouse files for bankruptcy, does that mean the whole family gets dragged in?
Debt: Joint or Individual?
Bankruptcy is a process that more and more families are facing: Though consumer bankruptcies were actually down 11 percent in 2011 from 2010, after several years of steady rises, experts are forecasting another rise in 2012, because of a likely increase in foreclosures.
So if you dutifully saved money and built up a bank account while your husband ran wild with credit card debt and expensive clothing, are you required to go through the bankruptcy process hand-in hand?
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Bankruptcy Updates, Family Law Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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