Will my spouse have to declare bankruptcy if I do?

This is a common myth about bankruptcy that many people believe. However, because every bankruptcy case is handled on an individual basis, your spouse may not have to file for bankruptcy just because you do.

Benefits of Bankruptcy

However, although your spouse is often not required to file for bankruptcy if you do, sometimes a person’s spouse is in an equally trying financial situation and bankruptcy can be helpful for him or her as well. In many instances, bankruptcy can allow a person to:

• Eliminate debt
• Extend payment periods
• Reorganize finances
• Retain possession of assets
• Start over financially

Filing for bankruptcy can be a tough decision for some people, but it can also be the best option for those dealing with overwhelming debts.

Contact Us

If you or someone you know is considering filing for bankruptcy, contact the experienced Chicago bankruptcy lawyers of the Law Offices of Stuart B. Handelman today by calling us at 312-360-0500.