Married, but Filing for Bankruptcy Alone – What To Know
When you say your marriage vows, you are joining together for better or for worse and this often means sticking together financially as well. Bankruptcy can be an event where you can often experience undue stress in your marriage. Being a position where you are facing problems from creditors can put a serious strain on even a strong relationship. Even though a bankruptcy can be complex, filing with the status with equitable distribution laws can make bankruptcy a more forgiving process.
If your spouse or yourself is facing bankruptcy, working with a bankruptcy attorney can help you sort out the financial situation and enjoy a quick and painless process. When you file for a petition of bankruptcy it’s likely that the courts will require you present income and asset information for your non filing spouse as well as for yourself. Many people assume that your spouse’s property may be liquidated to pay off your outstanding debts and this is only partially true.
Property that your spouse owns is included in an equal distribution law and this means that the property is divided based on your agreement. A bankruptcy attorney can help you determine how you could best divide up your assets for protection purposes and what might be exempt based on your current ownership agreement. Property that is jointly owned will be considered as part of the bankruptcy and these estates are considered non-exempt. Bank accounts and assets which are in both of your names will be subject to liquidation.
If you are confused with the process of bankruptcy, you may want to consider filing for bankruptcy together or separately. Working with a bankruptcy attorney can help you to determine the right path for your financial situation.
This post was written by Trey Wright, one of the best Bankruptcy Lawyers in Tallahassee Florida. Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, which specializes in areas related to bankruptcy law, estate planning, and business litigation.
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