One issue that will crop up when it comes to Chapter 13 is whether your spouse needs to file, also. Whether or not married people should submit a shared application or just an individual one will depend on several things: the kind of property and assets, the total amount of "community" debts involved, and how the home or property is held (joint tenancy, tenancy in common, etc.)
Petitioning for Chapter 13 jointly erases the independent financial obligations of you and your husband or wife and all the mutual debts. Filing by yourself simply leaves the non-bankrupt partner still accountable for their own percentage of shared debts, but erases the spouse's independent money owed.
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Should you be divorced, have split up your property, and addressed all of the budgetary concerns, your best course of action may be to have your spouse file on their own. In cases where each of the unpaid sums were incurred prior to when you were attached, there isn't any point in the both of you file.
Community property and common law are the two types of mutual property ownership. Nearly all states use the common law principles; just nine states implement the community property rules. If you reside within an equitable distribution property region, your spouse's bankruptcy property should include his/her individual property and 50 % of the jointly-held marital real estate. The non-filing partner will not have to bother with the consequences of the bankruptcy on his / her individual property. On the other hand, when the non-filing partner is only holding the property or home or has received the real estate from the insolvent partner within one year of declaring bankruptcy, this exchange is viewed as deceptive, and the asset can be turned over to the trustee.
In the community property states, husbands and wives equally have possession of all property acquired or received while in the marriage, splitting equal halves. In Chapter 13, then, all the shared property you own together is a part of the bankruptcy estate, no matter if you join in the actual proceeding. Your individual property (what you owned before the marriage) will not be impacted by your partner's Chapter 13. Property held by your partner will be utilized to settle debt to begin with, and after that the appropriate community assets may be used.
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