Thursday, March 31, 2022

Can I File Bankruptcy Without My Spouse? - Bankruptcy Questions Answered (2022) Fisher-Sandler

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Can I File Bankruptcy Without My Spouse? Call (703) 967-3315 or visit https://fishersandlerlaw.com​​​ and ask us about our 👉$0 Down Bankruptcy Program today.👈

How will filing for bankruptcy affect my spouse in Virginia?

If you’re married, you can file bankruptcy with or without your spouse. Filing individually doesn’t mean your spouse won’t be impacted. Before you choose to file individually or jointly, you’ll want to consider many factors, including what debts and assets you have together, whether you co-mingle your finances.

How does bankruptcy affect my spouse in Virginia?

If a husband files bankruptcy without his wife, only the husband’s debts are discharged. If the debts are held jointly, the non-filing wife will still owe even after one spouse has filed bankruptcy.

The bankruptcy filing will appear on the husband’s credit report, but should not appear on the wife’s. If a non-filing spouse receives an adverse rating on their credit score as a result of their spouse’s bankruptcy, the matter should be addressed immediately with the credit reporting agencies. A non-filing spouse should not have their credit damaged as a result of their husband or wife filing for bankruptcy.

Beyond just debt, another issue for married couples to consider when evaluating bankruptcy is how assets are held. If one spouse owns property in her name only and doesn’t file bankruptcy, it won’t become part of the bankruptcy estate.

This could be an important factor depending on the value of the asset, because Chapter 7 is technically a liquidation. All the property you own that exceeds the value of your state’s exemption laws is subject to sale by the bankruptcy trustee. However, the trustee only has jurisdiction over the property of the party that files. For example, a wife’s home that is only in her name does not become part of her husband’s bankruptcy estate.

However this only a general rule. Many states recognize a concept known as “equitable title”. If your state is one of them, sometimes a house or other property not in your name can be administered by your bankruptcy trustee. This is complicated stuff and you need to discuss this concept with qualified legal counsel.

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Fisher–Sandler, LLC
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Fisher-Sandler, LLC
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Fisher-Sandler, LLC - Fredericksburg, VA
1930 William Street
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Bankruptcy Questions Playlists:
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*DISCLAIMER*
The information in this video is not intended to provide legal advice or to create an attorney-client relationship; but is intended for general education and information purposes only. Laws change periodically, therefore the information in this video may not be accurate. It is imperative that you seek legal counsel in order to determine your rights and obligations under the law and based upon your specific circumstances.

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What is Bankruptcy?

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Life After Bankruptcy

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How Does Bankruptcy Affect the Sale of Your Home?

If you are in the process of selling your home and filing for bankruptcy, you may want to consult your local Bankruptcy Attorney for the right legal advice. If you seek advice from your agent, they will in turn refer you to a bankruptcy attorney.

Understanding the Difference Between Chapter 7 and Chapter 13 Bankruptcy

If you have been considering personal bankruptcy as the answer to your financial problems, you may be surprised to learn that there is more than one type of federal bankruptcy. Most of them do not pertain to individuals but instead focus on corporations restructuring or special situations like farmers and fishermen.

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Filing a bankruptcy is not as bad as you think. Although there are still older generations who believe that filing bankruptcy is something evil, the world has changed and dealing or coping with an out of hand debt situation and all that comes with it can be overwhelmingly depressing. There is a way out! Filing an individual consumer bankruptcy, whether it be a chapter 7 or chapter 13, may just be the solution you have been looking for.

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Bankruptcy Around the World

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https://bklaw.attorney/can-i-file-bankruptcy-without-my-spouse-bankruptcy-questions-answered-2022-fisher-sandler/

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