My fiance is considering filing bankruptcy how will this affect me?

Unmarried couples do not affect each other whatsoever in bankruptcy terms. Even if joint accounts are held, distinctions must be noted to the bankruptcy court to document the distribution of a joint account. In these cases, any debt cancellation will apply only to the individual filing for bankruptcy, leaving liability for the remainder with the other joint account member.

However, for married couples bankruptcy is more complex when only one spouse is choosing to file for bankruptcy. Each part of the couple’s financial circumstances must be evaluated through each spouse. In some cases there are major advantages to this, because one spouse may earn too high of a monthly income to pass the means test for Chapter 7 bankruptcy, or when filing for Chapter 13 bankruptcy, one spouse may have too much accumulated debt to qualify for the process.

This hassle can be avoided simply by filing together if possible, or in this case, by simply extending the engagement to go through the bankruptcy process.

Talk to a Bankruptcy Lawyer to find out what options you and your fiance have under bankrutpcy law.

Good luck.