While bankruptcy is not something you should rush into, holding off too long does not make sense either. One thing that could suffer if you do is your relationship with your spouse, if you have one.
Surveys have shown that debt is one of the most commonly cited factors leading to people filing for a divorce. Whether the debt was taken out by both parties or just one, being unable to pay it back places considerable strain on the relationship, as that debt can make life more difficult for both of them.
Why can debt be problematic for a marriage?
Things like paying the rent, putting food on the table or replacing a child’s outgrown clothes can all be more difficult when the creditors are knocking on the door. That can create insecurity for both spouses and, unless they manage it well, their children.
Debt problems can also lead to sleeplessness and stress, which could lead to increased irritability with small issues flaring up into stinging arguments. Blame and guilt over responsibility for the debt can also add tension to the marriage and lead to heated discussions. That, in turn, can lead to people shutting down communication or lying to cover up a purchase they know they can’t afford. And that can lead to feelings of betrayal if the spouse discovers the spending.
A successful filing could remove all or much of that debt and, with it, many of the accompanying problems.
If unpayable debt is causing problems in your marriage, then talking to someone who can help you understand more about bankruptcy could be time well spent.