Credit is a big word being thrown around an awful lot these days, and a lot people simply don't have the credit score that they want. There seems to be absolutely no way to get your credit score up these days, because it's almost impossible to get out of debt, especially if you're one of the 10% of people in our great nation that's currently unemployed. However there is one way that many people do not consider, because they believe it will destroy their credit beyond recognition of any kind. The option that I speak of, is filing bankruptcy, as well as if you need to declare bankruptcy for spouse.

The truth is, while it will hurt your credit, it won't hurt it permanently and you do get out of it over time, though the amount of time differs for each chapter. There are several different types, or chapters, for instance there is Chapter 7 Bankruptcy in which you would liquidate assets to get rid of debt. Then there is the more popular Chapter 13, in which you set up a repayment plan for his or her creditors. This plan usually goes on for about five years, and is available to those who have a stable source of income. The upside to Chapter 13 is that you are allowed to keep your assets.

There are many reasons to file, one of which is to get out of debt for yourself so that you can eventually purchase a car, and a house, and live happily out from under the dark shadow of credit card debt, and any other type of debt except for student loans, which bankruptcy does not cover yet.

One more major reason you might like to file bankruptcy, is if you are married and you and your spouse have incurred a lot of debt together. It's untrue that one person's debt will affect the other, however any debts incurred and agreed to jointly will be the responsibility of both, and one may file bankruptcy to help the other out.

Interestingly enough, one spouse may file bankruptcy on behalf of the other, without the knowledge of the other! So if for whatever reason you needed to file but your spouse didn't want you to, it is perfectly legal for you to go and declare it yourself, removing yourself and your spouse from all that debt. The only problem with this, is that the other spouse will catch on immediately when the joint debtors begin calling and talking about it, or it shows up on some sort of report. That is what we call a relationship killer, and should really not be taken lightly.

When declaring bankruptcy, it is best to do it with the full knowledge and support of your spouse so as to avoid problems later on. Of course if you have a very good reason, such as your spouse is incapacitated, or otherwise unable to make the decision for themselves, it is okay to do this. Otherwise it's not exactly an ideal Christmas present.

This will certainly crush the trust between you and your spouse if you declare bankruptcy on their behalf without talking to them. Don't make this mistake.