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Do Both My Wife and I Have to Go Bankrupt?

If you are deciding to go bankrupt you may qualify for a chapter 7 or chapter 13 bankruptcy. As a married person you also have the option of filing jointly as a married couple, or just yourself. If you decide to file jointly then it may be that more of your property will be protected, and a greater number of your debts will be discharged. This is possible but no always the case. You should retain a Louisville bankruptcy lawyer so you will start your bankruptcy proceeding with the right advice.

Debt In Marriage

If you decide that a separate bankruptcy is what you want to do keep in mind that it can still have some effects on your spouse. This is partially determined whether your particular State that you live in is a community state or common law property stated. What this refers to is how the State looks at property that was acquired during your marriage. If you are in a common law state then the rules used for your property are equitable distribution. Under the community property laws the property is looked at as being equally owned by both of you.

The bankruptcy laws are very detailed and can be very confusing and this is why it is so important to have the right legal counsel to advise and direct you as to your best actions concerning your debt. As you can see with the different State laws they can different impacts on the property of the marriage and this is why it can still affect your spouse even if you are not entering into a joint bankruptcy.

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