If your spouse does not have enough income to keep up with payments for debts as well as fulfill other financial obligations, he or she may declare bankruptcy. Unfortunately, if your spouse files bankruptcy, it will not protect you from a share of his or her debts unless you file as well. In fact, your situation could get worse. Your spouse declaring bankruptcy will not erase his or her debts. Instead, it simply erases the filing party’s liability for paying the debts. If you do not file bankruptcy as well, the creditor will have the legal right to seek payment for the remaining debts from you as the remaining debtor. If your spouse files bankruptcy, therefore, it may be in your best interest to also declare bankruptcy. A lawyer can help you make this decision.