Marriage and bankruptcy involve unique issues I commonly hear about from married couples in Littleton, Aurora, and Greenwood Village. Regarding filing solo, the answer is yes – you can file Chapter 7 or Chapter 13 bankruptcy without your spouse in Colorado. In fact, if you have significantly more debt than your spouse, it’s actually a better idea for you to file alone. But, it’s also important to consider the implications of filing alone, and when to consider filing jointly.
Will My Spouse’s Income Be Considered if I File Alone?
Yes. According to the United States Bankruptcy Court, you must state your spouse’s assets and wages on statements and schedules when you file. This helps determine whether you qualify for Chapter 7, and what payment amount to use for your Chapter 13 repayment plan.
Will My Spouse’s Credit Be Affected if I File for Bankruptcy in Centennial?
That’s a great question. If you file Chapter 7 or Chapter 13 bankruptcy in Centennial without your spouse (only including debt you have accumulated) it won’t affect your spouse’s credit report. But, if you discharge any joint debt with your spouse and you are the only one filing for bankruptcy, it could show on your spouse’s credit report. And, of course, filing jointly will affect both credit reports. In general, you should always review your credit reports to make sure they’re accurate. With more specific issues on your credit, let’s sit down and talk before you file.
[pullquote align=”center” textalign=”center” width=”70%”]Filing alone is best if you have more debt than your spouse. But, if you both have debt, there are benefits to filing jointly.[/pullquote]
When Should I File Jointly With My Spouse in Highlands Ranch?
If you choose to file joint bankruptcy, you are in turn choosing to save more money and time.
If you and your spouse have both accumulated a lot of debt in Highlands Ranch or Cherry Creek, it is wise to file together. If you file together, all joint and individual property / assets will be considered. This is called joint bankruptcy. The benefits to filing jointly are many. If you and your spouse file Chapter 7 or Chapter 13 bankruptcy jointly, you’ll save money on filing fees, attorney fees, and you’ll save time. You’ll also have a higher chance of protecting your property if you file jointly because you will be able to double your exemptions. An experienced bankruptcy lawyer will discuss whether filing individually or jointly will allow you to discharge more of your debt or keep more of your property.
More Questions? Consult a Denver Bankruptcy Attorney
Filing Chapter 7 or Chapter 13 bankruptcy in Denver or Littleton shouldn’t be taken lightly. If you or your spouse is considering filing for bankruptcy alone or together and have more questions, consult me as an experienced bankruptcy attorney. You need to be clear on your options and what outcomes could result from an individual or joint bankruptcy in Colorado.
Call now to request your free initial consultation with Barry Arrington, an experienced, trustworthy and understanding bankruptcy lawyer, at 303-205-7870 or submit the “Get Help Now” form to begin your journey towards financial freedom. He will help you get the best, fresh start possible.