What Should Married Couples Do About Bankruptcy?
Are you having difficulty determining whether it makes sense for both you and your spouse to file for bankruptcy? As is often the case in matters of law, the best decision for you depends on your individual circumstances.
I’m Ben Sissman, a Memphis bankruptcy and debt relief lawyer. I am the lawyer who can explain the advantages and disadvantages of filing for bankruptcy individually or together, taking into account your specific situation and goals.
Memphis Attorney Offering Guidance On Chapter 7 Bankruptcy
Every case has a unique answer to the question “should spouses file bankruptcy jointly?”
For example, in cases in which only one spouse has accumulated substantial medical or credit card debt, and the couple only owns the house jointly, then only one spouse should file for bankruptcy. Moreover, in some cases, each individual spouse may be able to qualify for a Chapter 7 filing separately, whereas they would not qualify as a couple filing together. You may also want only one spouse to file for bankruptcy so that a vehicle owned by the nonfiling spouse will not be included in the bankruptcy plan.
In contrast, it may make sense in some cases for spouses to file for bankruptcy together so that they are able to file Chapter 13 bankruptcy. Chapter 13 provides for the creation of a three- to five-year repayment plan that allows them to keep assets that may have been liquidated under Chapter 7.
Free Initial Consultation For Husbands And Wives | Tennessee Bankruptcy Lawyer Serving Shelby County
The law office of Ben Sissman is a debt relief agency that helps people file for bankruptcy relief under the Bankruptcy Code.