One of the big myths about bankruptcy is that, if you’re married, both you and your spouse have to file. That is definitely not true, although quite often it makes sense for a husband and wife to both file, since the legal costs for both will be the same as for one.
When might it be better for just one spouse to file? Perhaps Charles wants to keep a piece of property he owns in his own name. He inherited this property from his grandparents and many family memories are associated with it. Perhaps Sue has a valuable heirloom with which she hates to part.
Maybe Sam is partner in a business, while his wife Pru is co-owner of a totally separate business. There might no be the need to involve Pru’s partners in a problem that relates primarily to Sam. Then, in another situation, Jim can take advantage of certain exemptions available only to veterans. There might be a host of other reasons and other situations as well.
An important aspect of my work as an Indiana bankruptcy attorney is counseling with couples, so that a strategy can be selected that takes into account all their unique circumstances and challenges. One size definitely does not fit all in planning a bankruptcy filing. In fact, when there are unusual situations, that’s when the expertise of a Board Certified Consumer Bankruptcy Specialist can play such an important part in helping clients.