How to File Bankruptcy Separately
- 1). Separate your assets. Before filing for bankruptcy or seeing a bankruptcy attorney, separate out all property (assets) and debt. Look to see which spouse's name is on each credit card and who is responsible for what loans and payments. Keep copies of all documents, no matter whose name is on the debt or asset.
- 2). Both partners need to meet with the bankruptcy attorney. Even if only one partner is filing for bankruptcy, both partners need to meet with the bankruptcy attorney since the bankruptcy will affect not only the non-filing spouse, but also the bankruptcy plan. Take in copies of all documents for each spouse. Even if a debt belongs to one spouse alone, it will still have to be declared in the bankruptcy petition. If a Chapter 13 bankruptcy plan is filed, part of the spouse's salary or earnings may be required to go to repayment of debts under the Chapter 13 plan since those assets are considered property of the marriage.
- 3). Complete the bankruptcy to reach a discharge. Both partners need to work together to reach a successful conclusion of the bankruptcy. If a case is discharged, that means that all debts covered by the bankruptcy are discharged and the slate is wiped clean. However, if the case is dismissed, it is thrown out of court and the debts remain as they were before the bankruptcy petition was filed. The automatic stay will be lifted and creditors may once again resume collection activities against both partners.
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