Sentences with phrase «joint bankruptcy»
"Joint bankruptcy" refers to a situation where two or more people (typically a married couple) file for bankruptcy together. This means they combine their debts and assets into a single bankruptcy case, with the goal of resolving their financial difficulties collectively. Full definition
Of the thousands of benefits available to married couples, one is the opportunity to file joint bankruptcies.
scribnerbankruptcyblog.com
In 2012 the percentage of joint bankruptcies among women was 9.8 %.
Joint Bankruptcy Filing Joint Debts Joint Filing Judgment Judgment Debtor * Judgment Liens Judgment Liens Justice in Bankruptcy Justify Your Personal Finance Lawyer Jail
We'll talk about joint debts, when filing a joint bankruptcy or proposal may make sense and how your debts are affected in the event of a separation or divorce.
If you're unsure whether your debts are joint or you're wondering how a joint bankruptcy or consumer proposal process works, contact a licensed Trustee in Bankruptcy to review your situation and discuss all of your options.
Married couples filing a joint bankruptcy can double the homestead exemption if they live in separate residences.
We have had cases where one spouse files a proposal or bankruptcy while the other spouse does nothing, cases where one spouse files a proposal and the other files bankruptcy, and cases where the spouses file a joint proposal or a joint bankruptcy.
The Bankruptcy Code allows a bankruptcy debtor to exempt $ 23,675 of equity in the debtor's residence - and if a married couple is filing a joint bankruptcy that amount doubles to $ 47,350, provided that both spouses own the residence.
For example, let's say a state's homestead exemption allows a married couple filing a joint bankruptcy case to protect $ 37,500 of equity in their home.
A joint bankruptcy assignment allows debtors, involved in a close financial relationship, to file for bankruptcy and to see their files dealt with as one file.
Filing a joint bankruptcy can allow both of you wipe out certain debts.
Can legally - married same - sex married couples file a joint bankruptcy?
Joint bankruptcies are less expensive than filing separate petitions, and, in some cases, may have legal advantages.
It is possible to declare a «joint bankruptcy» or «joint consumer proposal» with your spouse.
If that is the case, you can talk to your trustee about something called a joint bankruptcy to deal with both your debts and save on your bankruptcy costs.
In a joint bankruptcy, each filer qualifies for one motor vehicle up to $ 6,600, if the vehicle is registered in that person's name.
Married couples who are jointly liable on most debts should file a joint bankruptcy.
Can married people file a joint bankruptcy?
According to the Law Offices of Jonathan B. Alper, P.L.C., married debtors can file a joint bankruptcy petition for a single filing fee, and most attorneys charge the same legal fee for joint cases as they do for individual cases.
Upon granting of a final decree of divorce, the former spouses would no longer be eligible for filing a joint bankruptcy case, and either would have to file an individual bankruptcy case limited to discharging his or her liability alone on a joint debt.
A husband and wife may file a joint bankruptcy while they are married and both may obtain a discharge of their joint debts.
Filing a joint bankruptcy case before a divorce could save the married couple from spending thousands of dollars in attorney's fees and court costs or mediation fees.
You should consult with your bankruptcy or divorce lawyer to determine if a joint bankruptcy is in your best interest, based on all the facts and circumstances of your particular situation.
If you and your spouse have a large amount of marital debt, filing a joint bankruptcy petition may be a way to resolve those debts before the divorce process begins.
Her rationale for filing a joint bankruptcy pre-divorce include: