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Marriage and Bankruptcy

Every young couple wants to get financial established so they can start their family. It isn't always easy as it is not uncommon for both parties to enter into the marriage with a substantial amount of debt. This may now make it more difficult to handle the payments.

Considerations For Couples

It is not unusual when single, to be living at home which means there may be more money to play with, and more to put towards the bills but this is not always a common practice so the debt doesn't get reduced easily. Then once both leave their parent's nest they now have their own living expenses to deal with and this creates more expenses for them. Depending on the level of debt it might be wise to consider going bankrupt.

The first thing the young couple should do is talk to a bankruptcy lawyer. They need to determine if they are going to file for bankruptcy individually or as a couple. It also has to be determined which bankruptcy chapter will be the best option or which they qualify for. While it will take several years to build up a good credit rating again, starting fresh at the beginning of the marriage will set a solid foundation financially for the future.

This will be the important time when they want to consider starting a family and perhaps buying a house. Also, freeing themselves of many of their debts may make it easier for them to meet any student loan debt obligations that they have, which cannot be included in a Louisville bankruptcy.

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