Filing a bankruptcy is a tough decision to make and should not be taken lightly. There are many things which you need to consider since they may have an irreparable effect if missed or taken for granted. But when you are married this consideration should be taken a level deeper and your decision must be thought of very carefully so that you or your spouse will not suffer the consequences heavily. In the event of a bankruptcy, even if married, it is not imperative that both couples should file together. Either of the spouses can file bankruptcy alone however the effects of this action will somehow reach your spouse at some point.
With all of these altogether, you may be asking yourself, “Will my wife still respect me if I file for bankruptcy?” You have your reasons, why you would want to file bankruptcy but you would not want to sacrifice your marriage or your relationship with your wife in the process. In this light, we should gain some insight about respect first. Respect is something that people bring forth or give to others as a result of admiration because of their amazing abilities, skills, qualities, personalities, and/or achievements. Knowing this, there will be two obvious answers to the question, “Will my wife still respect me if I file for bankruptcy?” – a yes and a no. The answer will solely be based on the reasons why you filed bankruptcy and/or why you got in that state in the first place.
“Yes, your wife will still be able to respect you even if you file bankruptcy”
There are several reasons that could result for your wife to still give you the respect you deserve.
You can be honest with your wife or partner about your current financial situation. You can tell her about the possible consequences that could affect you, her, and the whole family so that she can make firm plans that could help you and the family. The strength and braveness you exude will be a good reason for her to give you respects not only honesty. Bringing up something as sensitive as financial bankruptcy is not easy and your wife will surely appreciate that you want her informed prior to filing. Women often wanted to be consulted with before engaging in an action as sensitive as bankruptcy. They might be able to do something about it.
- Acceptable Cause of Bankruptcy
Another reason would be acceptable cause/s of your bankruptcy. If there are valid or acceptable reasons why you were bankrupt and why you need to file for bankruptcy, your wife would more likely understand the situation more and will not her respect for you.
You may say that this is a bit too overrated but love can be a reason for your wife to still respect you despite anything and everything. Love is truly inexplicable but it does contribute to the amount of respect that your wife can give you despite the situation. Do not get me wrong though, sometimes no matter how much your wife loves you, if she is affected by the incidence so much and hurt and pain takes over her, respect may temporarily be gone but will come back as soon as the hurt and pain subsides. It may be diminished a little though.
“No, your wife will not be able to fully respect you if you file bankruptcy”
Quite the opposite of the reasons above and a few more reasons will cause your wife to have diminished to zero trust in you because of the bankruptcy incident.
- Inconsiderate Filing of Bankruptcy
The inconsiderate filing of bankruptcy status would mean either not hearing out what your wife has to say about it, not consulting her about the matter or not even letting her know that you are already having plans of filing bankruptcy. Bankruptcy has many effects that not only you would suffer. At some point it can also affect your wife since you are married, so letting her know would be your best first steps instead of filing it deliberately without her knowledge. Consulting her will not only show you respect her but would also somehow make your wife feel you are a man who truly deserves to be respected.
- Unacceptable Cause of Bankruptcy
Sometimes bankruptcy comes to us because of irresponsibility and carelessness on our end. If the cause or reason for your bankruptcy is just something which you did not take care of when you should you can expect that your wife would not feel glad about it and will surely tarnish their trust and respect for you. Other people go into bankruptcy because they have not seriously taken everything into consideration. This is unacceptable as compared to other acceptable reasons like business downfall which is at times out of our hands or sudden job loss which is caused by unavoidable circumstances.
- Will Have a Negative Effect on Her Credit History
There are some cases where your wife’s credit history may be affected when you file bankruptcy under your name. Since you are married, there may be some contracts which were also signed by her. Ultimately in these cases where your wife is a joint partner or has signed contracts with you, once you are not able to pay, she will be responsible in continuing the payment for you and in the events where you filed bankruptcy this will affect her credit history in a negative way. In this case, we can go back to the first point where you have to consult her first before filing for bankruptcy as she may still be able to do something about it especially if she will be affected by your action.
So if the need arises that you need to file for bankruptcy under your name, take time and think about it, include your wife as well as she may be affected by the case. Remember, losing your wife’s trust and respect in the process is more painful than the bankruptcy itself. You will need her support as well as her respect especially in this very sensitive and complex case. You will only earn that respect if you will be brave and honest enough to face it despite what others may say about you.