Get the Facts When Considering Bankruptcy
Bankruptcy Facts? Financial Fibs? Is it true? Know the Facts! Get it Right!!
There are many beliefs regarding filing or declaring bankruptcy. Many of these misconceptions are heard and repeated but never verified. You can't always believe what you hear from friends and all of the talk regarding bankruptcy. There are many false beliefs out there mixed in with the truths, its hard to know what is fact and what is fiction. If you are considering bankruptcy or think that bankruptcy might benefit a family member or friend, find out the truth! Don't just take what someone says as fact. Research the answer and facts for yourself. Another option would be to seek the assistance of an experienced bankruptcy attorney and find out the facts regarding filing for bankruptcy.
There are all kinds of misinformation about bankruptcies out there. Things “they say” that sound good and fit the “bankruptcy mentality” that some people have about filing chapter 7 or chapter 13 bankruptcy. So, what is actually truth and legitimate, and what is false and fictional? A little research will give you the answers that you seek.
An example of a question that many people worry about is: If you are married, both spouses must file for bankruptcy. True or false? Sure, married couples are supposed to share everything with each other! But what about when it comes to debt? Even though you are united according to law, doesn’t mean you automatically need to file a joint bankruptcy. It would be in your best interest, if you are married, to consult an experienced bankruptcy attorney, as there are cases where both spouses have a lot of debt, and it would be in the couple’s best interest to file together. It is not a requirement, however, that just because you share the same last name (even if you share the same debt), you must both file. Sometimes in chapter 13 cases it makes more sense if only one spouse files. Maybe if the majority of the household debt is in only one person’s name, that person will file in order to keep the spouse's credit in better shape. This is just one example where a little research will get you the correct answers to your question.
So, not only is it possible and legal for a husband to file bankruptcy and not include his wife in the filing, (or vice-versa) it is sometimes the better choice to file individually, instead of filing jointly. It is best to contact an experienced bankruptcy attorney to get the facts the first time.
Our low cost bankruptcy attorneys and lawyers can help you know the facts when it comes to filing bankruptcy. We offer payment plans for every budget and have years of experience helping people with debt relief.
Some of the reasons why people file for bankruptcy protection include: wage garnishments, home foreclosure, repossessed vehicles, payday loans, high credit card debt, or other unforeseen financial problems.
