Whether a non-filing spouse will incur any liability upon the filing of a bankruptcy?

A question that is frequently asked is whether a non-filing spouse will incur any liability upon the filing of a bankruptcy? Unless the non-filing spouse has co-signed on any of your debts, then the non-filing spouse will not have any liability for the debts. You are required to include your spouse’s income in the filing of your bankruptcy. The trustee will request a copy of the non-filing spouse’s income to verify household income. You may be able to reduce the declared income through the marital adjustment deduction. You must also disclose all assets of the estate even if it is owned solely by the non-filing spouse. Also, the bankruptcy will not appear on non-filing spouse’s credit report.

Please call me today at (801) 432-8682 to discuss your specific situation and how Bankruptcy may be right for you.