Sentences with phrase «spouse files for bankruptcy»

Another option discussed by Ms. Shepard is if one spouse files for bankruptcy on their own.

If you are in the process of divorce when your spouse files for bankruptcy, the property division aspects of your divorce proceedings will come to a halt until the bankruptcy proceedings are complete.

If you are the dependent spouse, however, you must be aware that if your spouse files for bankruptcy after the separation and property settlement agreement has been signed, then they may have more cash available for support.

-- If your spouse files for bankruptcy, your credit score may or may not be impacted, depending on where you live and what you owe.

Not exact matches

Filing for bankruptcy in Canada does not directly affect your spouse.

It's time for another FAQ podcast and today we talk about if and when you might be responsible for your spouse's debt and how one spouse filing bankruptcy might affect the other.

If the couple lives in the same house, the spouse who will file should declare the income of the spouse who will not file for bankruptcy.

One spouse may need to file for bankruptcy — that does not mean the other spouse has to do the same thing.

She says inmates who try to file for bankruptcy do so because a spouse on the outside can't keep up with the bills.

Recently on our legal forum a user asked, «My spouse and I filed for bankruptcy about eight years ago.

So for a bankruptcy debtor who is separated and / or going through a divorce, the homestead is available for that person even if he or she has moved out of the home they own, provided that the other spouse, or the debtor's children are living in the home at the time the case is filed.

If you and your spouse have debt that is in both of your names, keep in mind that if only one of you files bankruptcy, the other spouse will often still be responsible for paying the debt.

A non-filing spouse should not have their credit damaged as a result of their husband or wife filing for bankruptcy.

If so, it may be best for the heavily indebted spouse to file bankruptcy to preserve the other's credit score.

One of the most common questions bankruptcy attorneys receive is: «How will filing for bankruptcy affect my spouse?»

This rule has big implications if you're preparing for bankruptcy because if you file without your spouse, your joint debt will become your spouse's full responsibility.

Some of the advantages of filing before: Elimination of all debts which will reduce arguments over who pays for what; Paying for only one bankruptcy and not two; Making a spouse who would not be eligible for filing for a Chapter 7 eligible by using a larger household size.

Therefore, even when only an individual is filing for bankruptcy, it is wise for the spouse to review their credit report with all three credit reporting agencies to confirm the bankruptcy is not reflected there as well.

Prior to 2008, Western District of New York courts held that when a husband and a wife both file bankruptcy and one spouse has a life insurance policy with cash value and the other spouse as the beneficiary, the bankruptcy trustee, as trustee for both the owner and beneficiary of the policy, could claim in the cash value.

In some cases, if you want to protect your home and you are filing with your spouse, using the federal bankruptcy exemptions will be the best option for you.

For filing bankruptcy purposes in a community property state, unless your spouse owns property you can prove has never been owned jointly, you will have to list 50 % of the value of the property as part of your assets.

Sometimes a married person would like to file for bankruptcy, but the spouse chooses not to file.

Federal bankruptcy laws, even in a common law property state, generally states that if only one spouse files for a Chapter 7 bankruptcy, only that spouse's debts will be discharged.

If the spouse filing has no joint debt with the non-filing spouse or joint accounts for the trustee to go after, there is really no conflict of interest that would prevent the spouse from buying a house during the bankruptcy.

As a result, the other spouse is liable for their spouse's debts should they default on their payments or file for bankruptcy.

If you have joint and other debts that you may be unable to pay, or if you have questions about how filing for bankruptcy will affect your spouse, your marriage and your family, contact us today for a free consultation.

On the other hand, things are not always that simple and there are certain situations when the fact that you filed for bankruptcy can impact your spouse and your marriage.

If you file for a chapter 7 bankruptcy as an individual after divorcing, only your individual debts may be discharged, not your spouse's debts.

We have represented clients in bankruptcy when their spouse or ex-spouse files for bankruptcy.

Spouses and ex-spouses file bankruptcy for many reasons.

If you are considering filing for bankruptcy, whether you do it before or after you separate from your spouse can have a major impact on your legal options.

The better practice will often be for one of the spouses to file a motion for relief from the automatic stay in the chapter 13 bankruptcy case to continue and conclude the Virginia divorce case.

If a Virginia foreclosure sale is imminent, either spouse may file a chapter 13 bankruptcy case to preserve the equity in real estate in their joint names, or to save the former marital residence for continued occupancy by one or both of the spouses.

Do I have to include my spouse's income for means testing if I file an individual bankruptcy while my spouse and I are living separate and apart under same roof?

The discharge in bankruptcy is personal to the debtor spouse and does not extinguish a joint debt for the spouse who did not file bankruptcy.

Either spouse may decide to file a bankruptcy before a divorce in order to preserve an asset for his or her use, or for the use of his or her spouse, or for equitable distribution by a Virginia circuit court judge in a divorce proceeding.

on Do I have to include my spouse's income for means testing if I file an individual bankruptcy while my spouse and I are living separate and apart under same roof?

A husband or wife might also wish to consider the possibility of whether a bankruptcy filing would protect that spouse from being held in civil, non-punitive, contempt of court by a Virginia state court judge for failing to abide by the terms of a family law court order.

If your surviving spouse or partner files for bankruptcy, it may take seven to ten years (or longer) after losing the home or going through foreclosure to qualify to buy another home.

If your divorce decree assigns a joint debt to your spouse for payment but he files for Chapter 7 bankruptcy, your creditors can pursue repayment from you instead, even if your divorce decree says otherwise.

Include a provision that a spouse who files for bankruptcy agrees to notify the other spouse of the bankruptcy filing within a certain period of time, such as 10 days, to give the nonfiling spouse the opportunity to contest the discharge of marital debts in bankruptcy.

If you and your spouse have filed jointly for Chapter 13 protection, bankruptcy law can lock you together post-divorce, but you have some options.

When a person who is married decides to file for bankruptcy, the law permits him or her to do so alone, without requiring both spouses to file.

Do you think it is fair that a non-filing spouse's finances are considered when a married person files for bankruptcy?

For example, at least two - thirds of millennials identified that having a joint account with their spouse (65 percent), making late rent payments (76 percent) and filing for bankruptcy (83 percent) all have the capacity to affect one's credFor example, at least two - thirds of millennials identified that having a joint account with their spouse (65 percent), making late rent payments (76 percent) and filing for bankruptcy (83 percent) all have the capacity to affect one's credfor bankruptcy (83 percent) all have the capacity to affect one's credit.