Louisville Means Test Lawyer
When facing bankruptcy as a nonmarried couple or when you are in a nontraditional household, the information can be confusing and overwhelming. The process for filing bankruptcy may not be as clear-cut as if you were single, living alone or married. This does not mean that it is impossible for you to file for Chapter 7 or Chapter 13 bankruptcy protection. It just requires that you have a knowledgeable and experienced attorney on your side who can assess your case and walk you through the process.
At Richard A. Schwartz, Bankruptcy Attorney, we provide comprehensive and tailored bankruptcy representation to clients in Louisville, Kentucky, and New Albany, Indiana. Using our decades of experience, we strive to help clients understand their rights regardless of their household or relationship situations. We believe everyone is entitled to a fresh start.
Experienced Bankruptcy Representation
Whether you are a same-sex couple or a couple living together, or in another type of household, you will have to go through the bankruptcy Means Test. This is a complex formula that is designed to calculate your eligibility for bankruptcy. Passing the Means Test results in your ability to file for Chapter 7 bankruptcy. However, not passing the Means Test may still leave Chapter 13 bankruptcy an option for you. It all depends on the numbers and your ability to repay on the debts that are owed.
There are very specific rules for married and nonmarried persons, as well as those living in a domestic partnership, with regard to the Means test. While neither Kentucky nor Indiana recognize gay marriage, there are specific protections for domestic partners under the federal bankruptcy laws. However, the rules are less clear about individuals in other types of living arrangements, such as roommates or people who have lived together as husband and wife but are not legally married. Note: "common law" marriages are not recognized by Kentucky or Indiana. These parties may have entered into contractual agreements that must be considered when assessing their eligibility for bankruptcy.
A common misconception is that you are only responsible for half of the debt you signed, jointly. Here's a simple example: If you and your partner sign for a $10,000 loan, that does not mean that each is responsible for only $5,000. Rather, the law provides that each partner is responsible for the repayment of the entire balance of the loan until the full amount has been satisfied. This legal concept is called "joint and several liability."
Contact a Southern Indiana and Kentucky Bankruptcy Eligibility Attorney
For more information on how we handle nontraditional households and bankruptcy matters, in Kentucky call 502-638-2441, in Indiana call 812-399-0959, and toll free in either at 866-270-4495 or simply contact us online to set up your free initial consultation with one of our New Albany or Louisville bankruptcy lawyers. Evening, weekend and in-home appointments are available for your convenience.
