Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
Bankruptcy can eliminate many of the headaches and years of bad credit that will follow. They will sue, garnish wages, freeze bank account etc.
If the home is in your name, then yes, that could cause issues too.
Also, if the creditors can prove that your funds (marital funds) were used to purchase the home, that they could pierce that veil to put a lien on the home. it is a rare longshot, but feasible issue that could arrise.
Chapter 7 is quick, just 90 days.
The benefits of the protections from creditors will provide immediate relieg.
Otherwise you'll face lawsuit and collections for years, with those issues staying with you for the next 7-10 years too.
Talk to a local bankruptcy attorney to review assets, debts, income, expenses. They can advise you on the impact to the non-filing spouse as well.
Let me know if you have any questions.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).