When a person is married, they have the option of filing bankruptcy with or without their spouse. Most couples prefer to file bankruptcy together but there are some instances when filing without a spouse is appropriate. With the following information, individuals will better understand what they can expect from the process of filing for bankruptcy.
Bankruptcy Offers Great Financial Help
When a couple feels as if they are drowning in debt, this can place stress on their marriage. Unfortunately, many issues may arise unexpectedly, leading to mounting debt a couple is not able to pay. Couples can find legal help to overcome their debt when they meet with a bankruptcy attorney to discuss their options.
Couples who meet with an attorney to go over their options need to make sure they provide information on their income, their assets, and the debts they owe. The more information a couple offers their attorney, the better equipped the attorney will be to give sound legal advice that will help their client overcome debt.
What Is Involved in Filing For Bankruptcy?
Married couples have two main options when it comes to filing for bankruptcy. If the couple primarily owes unsecured debts, Chapter 7 will likely be the best choice. This type of bankruptcy allows the couple to have some of their obligations absolved. Some couples will be required to submit some of their assets to pay down their debt.
Couples also have the option of filing for Chapter 13, which is a type of bankruptcy that offers couples the opportunity of paying off their debt within a specific period. Most married couples are given three to five years to pay down their debt, depending on the amount they owe. Monthly payments must be paid to the court, so the bankruptcy remains in good standing.
To learn more about bankruptcy options for filing with or without a spouse, visit http://tulsabankruptcylawyers.net/filing-bankruptcy-without-your-spouse/. Call the office right away to schedule a consultation appointment to see which type of bankruptcy will be most beneficial. With bankruptcy, individuals and couples can overcome their mounting debt so they can receive a fresh start.