I am married but am considering filing bankruptcy. How does this work if I plan on just filing for myself but we have joint debt on our home and farm.I have credit card, doctor bills, and some other personal loans only in my name that I want to eliminate through Chapter 7 bankruptcy if possible.Just curious on how this will affect my husbands’ standpoint and our home/farm?
The answer depends on your situation.
In general, when you go bankrupt, you lose your assets. If you own half of a house, you would lose half of the equity in your house.
However, there are different rules regarding property and bankruptcy in different states, so we suggest you contact a bankruptcy attorney to review your specific situation.