Generally, your spouse’s income will be considered if you are filing a Chapter 7 or Chapter 13 bankruptcy alone in Centennial, Lone Tree, or anywhere else in Colorado. Your spouse’s assets and wages will affect whether you can qualify for a Chapter 7 bankruptcy, or whether you are able to afford a Chapter 13 repayment plan. However, there are some cases where spouse income may not be considered in a Chapter 7 or Chapter 13 bankruptcy in Colorado.
Littleton Chapter 7 and Chapter 13 Bankruptcy Attorney Advice: When Spouse’s Income Not Considered
“In a case that is not a joint case, current monthly income of the debtor’s spouse shall not be considered for purposes of subparagraph (A) if—
(I) the debtor and the debtor’s spouse are separated under applicable nonbankruptcy law; or
(II) the debtor and the debtor’s spouse are living separate and apart, other than for the purpose of evading subparagraph (A); and
(ii) the debtor files a statement under penalty of perjury—
(I) specifying that the debtor meets the requirement of subclause (I) or (II) of clause (i); and
(II) disclosing the aggregate, or best estimate of the aggregate, amount of any cash or money payments received from the debtor’s spouse attributed to the debtor’s current monthly income.”
Basically, your spouse’s income will not be considered when you file bankruptcy alone if you and your spouse are separated under applicable nonbankruptcy law, or you are separated for other reasons other than to avoid bankruptcy rules. Divorce and its effect on bankruptcy are signficant. You also must file a statement that verifies that those above situations are true and disclose any type of income received from your spouse that contributes to your monthly income.
Joint Bankruptcy in Greenwood Village, Colorado: When to File a Joint Bankruptcy
If you can or would like to file Chapter 7 or Chapter 13 bankruptcy with your spouse, filing a joint bankruptcy in Greenwood Village or anywhere else in Colorado is another option. This option might make sense if you both owe a significant amount of debt. When you file jointly, you can save more money, you may be able to wipe out all dischargeable debts, as well as double your bankruptcy exemptions, leading to greater financial freedom.
Aurora Bankruptcy Attorney Barry Arrington for Filing Jointly or Alone: Call Today
If you are considering filing a Chapter 7 or Chapter 13 bankruptcy alone or with your spouse in Aurora or anywhere else in Colorado, contact bankruptcy attorney Barry Arrington today. Barry has helped lessen the intimidation of filing bankruptcy and has helped many people find relief from their overwhelming financial burdens. Barry also knows that marriage, separation or divorce can greatly affect your financial situation, and can advise you on whether filing jointly or alone makes the most sense for you. Call Barry today for a free initial consultation and be on your way to your best, fresh start.
If you are not sure whether you can or should file a Chapter 7 or Chapter 13 bankruptcy alone in Colorado, call experienced bankruptcy lawyer Barry Arrington now to request your free initial consultation meeting. Also, if you’d like to work with a Christian Bankruptcy attorney in Thornton, Colorado, call Barry. You can reach him at 303-205-7870. Or, submit the “Get Help Now” form to begin your journey toward financial freedom.