Filing for Bankruptcy as a Married Couple
If you often find yourself struggling at the end of the month when it comes to finances, you are not alone. Your financial struggles could be due to several issues- medical bills that keep piling up, job loss or reduction of hours, or maybe just a whole lot of debt you cannot get out from. It might be time for you and your significant other to consider bankruptcy. You will need to figure out if you must have bankruptcy protection before proceeding.
Filing Jointly as a Married Couple
Since Ohio is not considered a community property state, there is no law that states that married couples must file for bankruptcy together. If you or your spouse has assets that are held independently, then individual bankruptcy may be the best option. It is always important to sit down and talk with our bankruptcy attorneys to determine whether you need to file individually or jointly.
You may think that filing bankruptcy on your own by downloading forms off the internet is a good idea. However, the courts may dismiss your case if you do something wrong on the forms. For example, if you file individually and the bankruptcy court decides that you claimed an asset that belongs to your spouse, you could end up in trouble. Having a qualified bankruptcy attorney on your side is always the best idea.
Even if you file independently when you are married, bankruptcy court will still look over your total household income as well as expenses to make sure that you have filed correctly. In some cases, both parties are responsible for the debt that only one person ran up, especially if both of you spent the money together. Since this can become complicated, make sure to discuss your finances with our knowledgeable bankruptcy attorneys. There is no reason to go at the job alone when you could have a reputable company in your corner protecting you.
Why you may decide to file independently:
• Your spouse filed for bankruptcy within the last eight years and cannot file again
• Your debt alone is higher than your debt married
• To protect assets of your spouse that should not be sold in order to pay off your debts
Why you may decide to file jointly:
• When you file together, your exemptions increase
• If you have co-signed loans together, filing for bankruptcy together may get rid of the debt
• If most of your debt occurred as a married couple, then it may be better for both parties to file for bankruptcy together
Contact Us Today
If you are considering filing for bankruptcy as a married couple, we can help. Are you unsure whether you should file independently or jointly? Our bankruptcy attorneys in Worthington, Ohio understand how stressful this situation is, and we will work with you to make the process easier. We know you are tired of the phone calls from collections and the other financial strain you are under. Let our experienced bankruptcy lawyers provide you with a free consolation today.