Money is one of the key factors that couples argue about. Unsurprisingly it is also a major factor in the breakup of marriages. People in relationships that are fine when the money flows can soon become divided by suspicion and guilt when the debts pile up.
Functional relationships depend on good communication. If you feel so guilty about your debts that you keep them a secret from your partner, they may question what else you have been hiding from them when they discover it.
Your poor credit score can also affect your partner. For instance, they believe you can secure a mortgage because your both have well-paid jobs. Yet the mortgage lender may refuse when they discover you already owe more than you can pay.
Bankruptcy is both a personal and a joint decision
“Hi honey, I had a little money problem, but now I’ve sorted it,” is probably not the best way to go.
If only you file, you can only include your debts, not joint ones. Yet you being unable to secure loans or credit cards will affect your partner if you want to buy a house together, open a joint credit card and much more.
Before filing for bankruptcy, it is wise to discuss it with your spouse. Successful couples tend to work as a team. Consider seeking legal advice first to understand better how it will work. Accurate information will help you present your case and answer their concerns. People can have a lot of mistaken ideas about bankruptcy, thinking it will ruin everything. The truth is, it may be the singular best way to improve your life and your relationship.