Should Married Couples File a Joint Bankruptcy?

by DeLadurantey Law Office, LLC on November 28, 2014

Success_Failure_signs_ezine_173pxIf are married and you are considering filing for bankruptcy protection, you may be wondering if you should file individually or jointly. In most cases, filing jointly is the wiser decision. When a couple files individual cases, it is more costly because there are more court costs and attorney’s fees involved. It can also make the filings more complex since it is often difficult to separate a couple’s debts and assets.

If one spouse is considering filing a bankruptcy case and the other is not, there are several important factors to consider. You must consider whether you and your spouse are joint credit cardholders, account holders, or co-signors on debt. This is important because when you hold debt jointly and you don’t file your case together, the non-filing spouse can become wholly responsible for the debt.

When a married couple files a joint bankruptcy, the majority of their debt can be eliminated. This includes debt held individually and jointly. Additionally, the automatic stay protects both of you from further collection efforts while your case is pending. This can provide you peace of mind and the time you need to take control over your finances.

Whatever your situation, we can help. Let us review your individual and joint finances and help you decide whether you should file jointly or separately. We will walk you through all of your debt relief options and create a strategy that is most beneficial to your family.

Contact the “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office, LLC.   DeLadurantey Law Office focuses on student loan debt, Chapter 7 and 13 bankruptcy, debtor’s rights, debt negotiations, debt relief, mortgage loan modifications, and foreclosure defense. A “defender of the little guy, DeLadurantey Law Office serves the following location – Milwaukee, South Milwaukee, West Milwaukee, Waukesha City, Waukesha Town, Kenosha, Racine, and all other municipalities in Milwaukee County, Waukesha County, Kenosha County, and Racine County. We can be contacted by phone: (414) 377-0518 and can be found on the Internet and on Facebook.

 

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