Does Bankruptcy Always Impact Your Spouse?

Are you considering filing for bankruptcy but are worried it will affect your spouse's credit? If so, you may not need to worry if you have contracted your debt separately. If you have taken on a credit card without your spouse's signature, he/she may not be affected by your debt. For couples that live in a community property state, either spouse can take on a contractual debt without the other's signature. There may be certain exceptions to the rule, such as the purchase of a new home, but in most cases you do not need both signatures. However, there are just a handful of community property states: California, Arizona, Idaho, Nevada, Louisiana, New Mexico, Washington, Texas and Wisconsin.

Filing for bankruptcy can be complicated whether you share debt with your spouse or not. For this very reason, it is advised that you speak with a San Antonio bankruptcy lawyer when you are exploring Chapter 7 or Chapter 13 as a solution to your financial problems. To get immediate assistance from a lawyer who has experience in all types of bankruptcy matters in Texas, contact the Malaise Law Firm now.