Although marriage typically assumes both partners share responsibility for finances, it’s possible for only one of the spouses to file for Chapter 13 with the assistance of a Bankruptcy Attorney in Lawrence KS. The primary stipulation is that the debt to be covered in this program is in that person’s name only. It might involve credit cards, a vehicle loan, or a personal loan that does not include the other person on the paperwork.
Both spouses will need to provide their income information to a Bankruptcy Attorney in Lawrence KS to begin the process of filing. They should take a thorough look at their combined debt and determine whether it might make more sense to file jointly. The person without the excessive amount of debt may prefer not to because of credit implications but, sometimes, this is the best financial solution for the long term. It all depends on the couple.
Consider two individuals with entirely different financial circumstances who get married. One may have a much higher income and already own a significant number of assets that the two have decided, for their own reasons, not to combine as marital property. If the other spouse, at some point, decides that his or her debt load is too much to handle, a separate bankruptcy filing would be advisable. Otherwise, the more solvent individual would be putting assets at risk to be distributed to creditors if the individual on the Chapter 13 program defaults.
The spouse with more financial means may be strongly tempted to help the husband or wife out instead of pursuing the bankruptcy option. This may be inadvisable if it means taking on more debt or putting a cherished asset at risk. For instance, one person may enter a marriage with a house he or she has owned for years and choose to keep it solely owned. Taking a mortgage or a second mortgage out on the place adds more debt to the couple’s burden. Instead, having one spouse file for bankruptcy with a lawyer such as Business Name may be a smarter solution. Visit Website Domain to schedule a free consultation.
