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The filing of bankruptcy basically creates a controlled environment within the court system whereby all the creditors come together, figure out how much assets are available to be distributed, and distribute them to the creditors to satisfy any outstanding obligations.
There are certain assets which will be exempt from the bankruptcy proceeding and therefore not at risk of loss. For instance, in many states, there is a car exemption, which will prevent the sale of a person's car as long as it is valued under a certain amount. Additionally, most of the equity in a house is protected from bankruptcy proceedings.
The end result of this process will be that most, if not all, of the debts will be discharged.
In general, one spouse filing for bankruptcy will not affect the other spouse's financial situation, including the other spouse's credit rating. A debt is created by contract between a debtor and a creditor – each debtor must sign the contract to be liable for payment. As a result, the debt that he racked up on his own credit card would not affect her.
If she is not on the credit card agreements, then she cannot be held responsible. However, if there is property that is jointly owned by both parties, that property can be used in a bankruptcy proceeding to satisfy the debts of the spouse.
The creditors could potentially go after the bank accounts and property stating that the money and property was obtained during the marriage and as a result is jointly held by both spouses. If she has anything that is from before the marriage, those assets would definitely be protected if not in her husband's name.