Can One Spouse File For Bankruptcy?
When a married couple files for bankruptcy jointly, the result is a much more affordable bankruptcy than if they file separately. Therefore, even if a couple is approaching divorce and the marital financial picture includes unmanageable debt, a joint bankruptcy is often a goal worth pursuing even if it is challenging for the spouses to collaborate. A bankruptcy before divorce can make division of debt in divorce far simpler and less risky.
Neptune and Toms River Bankruptcy Attorneys
Sometimes there are compelling reasons for one spouse to file bankruptcy on his or her own, whether or not there is a pending divorce. It may be advisable or even necessary for just one spouse to file in special situations such as:
- When an inheritance makes one spouse ineligible for bankruptcy, which the other spouse does qualify for.
- When one spouse has business partners and a bankruptcy would complicate business finances.
- When one spouse does not want to cooperate.
In a nutshell, as for whether one spouse can — or should — file for bankruptcy alone: sometimes.
Benefits of filing bankruptcy can be significant for individuals and couples struggling with unmanageable debt. [nap_names id=”FIRM-NAME-3″] has a great deal of experience advising married clients through the nuances of determining whether one or both should file bankruptcy — and when is the best time it file. In some cases, a spouse is more likely to qualify for a Chapter 7 bankruptcy through the means test when filing alone. The ultimate outcome can still benefit both.
What If You Want To File Bankruptcy but Your Spouse Does Not? Discuss This Issue With An Attorney in A Free Consultation
Serving Monmouth County, our lawyers can evaluate your unique circumstances and advise you on whether you can — and whether you should — file bankruptcy on your own, without your spouse. Evening and Saturday appointments are available as needed. Call [nap_phone id=”LOCAL-REGULAR-NUMBER-8″] local or complete and submit a contact form.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.