Bankruptcy Myths
I’ve been speaking on and off about the many myths that abound with regards to bankruptcy. Bankruptcy has a pretty bad reputation because of these baseless myths and you will realize that it is not so bad after all. I will deal with one myth today: that if you are married, both spouses have to file for bankruptcy.
This is not at all necessary. Sometimes it may so happen that only one spouse has a significant amount of debt in his/ her name. However if you have debts that you want to discharge and are both liable for, it is better that you file together. In such a case, if one of you doesn’t file, then a creditor could demand payment for the entire amount from the spouse who didn’t file.
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