When one spouse files bankruptcy, the other spouse’s credit will only be affected if they are a co-debtor or if they are otherwise legally responsible for certain debts. You will, however, be required to provide the court with information on your spouse’s income, debt, property, and living expenses. This information is used to assess the financial circumstances of your household.
Bankruptcy can give you, your spouse, and your family a chance to start over with a clean financial slate and escape debt that far exceeds your income. When our bankruptcy attorney represents you, we carefully explain how bankruptcy will affect your spouse and how they might not be affected. We also make sure you select the bankruptcy chapter that offers you the greatest financial freedom yet has the least impact on your spouse and family.
- What are the benefits of filing for bankruptcy?
- Is there financial information my spouse is required to provide?
- What chapters of bankruptcy does your law firm handle?
- What others say about our client service experience
- Contact our office today to learn how your bankruptcy filing affects your family
In This Article
What Are the Benefits of Filing for Bankruptcy?
Few things disrupt your daily life, like invasive and persistent phone calls, letters, and emails. They can also add stress and anxiety to an already trying financial situation and disrupt your entire family. Freedom from aggravating debt collection efforts is only one of the benefits of seeking bankruptcy relief. Others include:
- Discharge of your secured debts
- Discharge of your unsecured debts
- Discharge of your priority debts
Our bankruptcy lawyer will help you understand the state and federal bankruptcy code and its impact on your case. In addition, we will inform you of the benefits to you and the potential impact on your spouse, family, and property. We also make sure you receive compassionate legal support from every member of our team, get the benefit of court-ordered credit counseling, and receive regular updates on your bankruptcy case.
Is There Financial Information My Spouse Is Required to Provide?
Your bankruptcy filing will require the completion of a wide range of forms and schedules as well as an incredible array of documents. Whether your spouse files for bankruptcy with you or you file individually, you will need to provide the following information to the court for both of you:
- Proof of income
- Income frequency
- Details on joint debts
- Debts being repaid only by the non-filing spouse
- Household size
- Marital assets
Our bankruptcy attorney will help you determine which paperwork is required and organize and submit your evidence in court. We will also be by your side at any required hearings and court appearances.
For a legal consultation, call 828.286.3866
What Chapters of Bankruptcy does Your Law Firm Handle?
On your own, it can be difficult to know which chapter is right for you – particularly when you are choosing bankruptcy, but your spouse is not. Our law firm represents clients who need the debt relief bankruptcy provides. Our bankruptcy practice areas include the following:
- Chapter 7 bankruptcy: Spouses can file for Chapter 7 bankruptcy separately or jointly. This chapter eliminates debts completely and often allows filers to retain most, if not all, of their assets because Chapter 7 filers do not usually have non-exempt assets.
- Chapter 11 bankruptcy: When one or both spouses choose Chapter 11 bankruptcy, they have the opportunity to reorganize their existing debt load. It also provides the chance to create a realistic debt repayment plan.
- Chapter 12 bankruptcy: Individual or married family farmers and fishermen can choose Chapter 12 as long as they meet income and debt thresholds and earn a substantial portion of their income from farming or fishing.
- Chapter 13 bankruptcy: One or both spouses can choose Chapter 13 bankruptcy to adjust debt and create a three-to-five-year repayment plan. The filer must have a regular and verifiable source of income.
We will assess your individual and household income and debt to help you choose the right bankruptcy chapter. Our goal is to ensure you get the best financial restart and reap the most benefits.
What Others Say About Our Client Service Experience
When clients we helped in the past talk about our legal team, they recommend us to others in person and online. Previous clients said:
- “Caleb did a great job answering questions and quieting concerns…He or his staff were very timely with responses…they made this a tolerable situation. We would recommend him.” – a Bankruptcy Client
- “Understanding without judgment. I am very satisfied with Mr. Farmer and his pleasant staff…Mrs. Ann Doty never let me down…5 stars. – Sharon
Read more reviews on our client testimonials page and see how our legal team can help strengthen your fight for financial freedom with a fresh start.
Contact Our Office Today to Learn how Your Bankruptcy Filing Affects Your Family
Filing for bankruptcy can give you a new beginning and can provide you and your spouse with invaluable peace of mind. Learn more about how your bankruptcy filing will affect your spouse and your financial future by contacting Farmer & Morris Law, PLLC, at (828) 286-3866 today.
Call or text 828.286.3866 or complete a Case Evaluation form