If you handle the finances in your marriage and have reached the point where you need help due to the large amount of debt you have, you could always consider using bankruptcy as a tool to eliminate some of your debt. If this is something you are considering, you will need to talk to your spouse about it, and here are some tips to help you do this if you are worried about having this conversation.
Research bankruptcy before you talk to your spouse
Talking to your spouse about bankruptcy might be something you are not worried about at all, but there are times when people are worried about talking to their spouses. If you are worried about this conversation, you should take time to research bankruptcy before you have this discussion. As you research it, you should compare the different branches available to use and try to find out which branch you would qualify for and benefit from.
Find out how filing alone would affect your finances
As you research bankruptcy, you may also want to look into filing alone and the effects this would have. As a married person, you can file jointly with your spouse or on your own individually. If your spouse does not want to file, you could file alone; however, you might not receive the same relief as you would if you filed together. The main reason for this is that joint debts can be discharged if you file for bankruptcy, but they will not be gone. Your spouse would still be responsible to pay for them if his or her name was on them.
Be able to explain the pros and cons to your spouse
Next, you should be able to explain to your spouse the pros and cons of bankruptcy, and you will also need to research this so that you can understand what these are. The pros and cons of bankruptcy will differ based on the different branches available, and both of the main chapters of bankruptcy will offer both advantages and disadvantages.
Meet with a lawyer to learn more
If you do not understand bankruptcy at all but want to be able to explain it to your spouse, you could either meet with a bankruptcy lawyer alone to gain knowledge about the process, or you could schedule an appointment for both of you to visit a lawyer together to learn more. In either case, you can schedule an appointment simply by contacting a bankruptcy law firm of your choice.