|If you are considering claiming Bankruptcy, it is probably time to consult with an attorney with expertise in the field of bankruptcy claims. like most financial-legal issues, there are many points to consider before claiming bankruptcy, and the path you choose can have a great effect on you, your spouse and your family. The following article is intended to give you some general and basic knowledge about filing for bankruptcy, and help you ask the right questions and raise the relevant issues when meeting your attorney. The 4 most important questions you should ask your lawyer are probably the following:1. What are the dvantages and disadvantages of husband and wife filing a joint bankruptcy petition?2. What are the advantages and disadvantages of one spouse only filing a bankruptcy petition?3. Is joint bankruptcy possible and available in your particular circumstances?4. Will filing a joint bankruptcy claim guarantee the consolidation of husband and wife’s separate estates?
Generally speaking, most spouses will find it is better to file for joint bankruptcy. Some of the main reasons for this usually are: if all financial matters of both spouses are completely mixed up and all debts are joint; if the other spouse has no resources; it is more efficient to file together and not separately. But there could also be good reasons for spouses not to file bankruptcy together. Some of the reasons usually are: prior bankruptcy of spouse; if most of the debt is in one of the spouses name alone; if the spouse without debts has high values assets or inheritances.
In any case, it is important to note that if one spouse files for bankruptcy, this does not automatically bring the other spouse into bankruptcy. The fact that you are married does not automatically make both spouses responsible or liable to all debts. On the other hand, if one spouse does not file for bankruptcy, he or she are not automatically fully protected. Also, If both spouses jointly owe a debt, the filing of bankruptcy by one of them alone, does not free the other spouse of his or her part in the debt. And last but not least: filing bankruptcy by a spouse is a very important and complicated matter. Making the right decisions can be critical to a families financial future and relationship. We strongly urge you to consult with an attorney and a financial advisor to establish the bet course of action in your particular situation. good luck.