The state of being a bankrupt can be caused due to various reasons. Depending upon the situation, married people can file separate bankruptcies, and in some cases one spouse can file bankruptcy alone. In case both the spouses are responsible for an obligation, and bankruptcy is filed by only one of the spouse, creditors possess every right to come after the spouse who has not filed bankruptcy. The case starts as if bankruptcy had not been filed previously.

In situations where the parties have got recently married and a considerable portion of the unpaid debts are related to only one of the spouses and the debt have been incurred before marriage, it is advised that just one spouse of the marriage can file a bankruptcy.

If the debts are made jointly then for certain to get any kind of benefit, both of the spouses need to file for bankruptcy. And if one partner filed for bankruptcy and the other did not file a bankruptcy, and still if the debts are made on joint basis, the whole burden is shifted to the other partner. However, bankruptcy does not destroy your credit altogether. You can be charged with higher interest rates and you have the option to come back for refinancing later.

[tags]bankruptcy,credit score,credit score and marriage,husband credit score,wife credit score[/tags]