' How Will Filing for Bankruptcy Affect My Loved Ones? - Law Offices of Robert M. Geller, P.A.
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

How Will Filing for Bankruptcy Affect My Loved Ones?

will bankruptcy affect my spouseFiling for bankruptcy is a serious decision and not one that should be taken lightly. You’ll likely wonder will bankruptcy affect my spouse? How about my children or extended family?

While it can be an effective way to get out of debt, it will also have an impact on your loved ones. Before you decide to file for bankruptcy, it’s important to understand how it could affect them.

Everyone knows that creditors are affected when you file for bankruptcy.

If you are considering filing for bankruptcy, chances are that creditors are already hounding you with phone calls and letters. When you file for bankruptcy, those calls will stop. This is because the court will put a stay on all creditor claims until the bankruptcy process is complete.

This means that creditors cannot contact you or your co-signers regarding payment until after the case is over. However, this does not mean that your debt has been discharged. If your debt is not discharged in the bankruptcy process, creditors may still seek payment from your co-signers.

How Will Bankruptcy Affect My Spouse?

If you are married when filing for bankruptcy, your spouse’s credit rating may be affected as well. This is the case even if they do not file jointly with you. Depending on how much joint property or income there is in the household, it may be beneficial to file jointly with your spouse so that both of your debts can be discharged in one fell swoop.

However, there are some cases where filing separately may be better. Speak to a financial advisor or bankruptcy lawyer before making any decisions regarding joint filing.

How Will Bankruptcy Affect My Children?

It’s important to remember that children can also feel the effects of a parent’s bankruptcy filing. This is especially true for teenagers who may begin applying for college loans or other forms of credit before their parents’ case is concluded.

The good news here is that if the child applies for their loan before their parents have filed (or while their parents’ case is still active), their credit score should not be negatively impacted by their parent’s bankruptcy status. It’s important to discuss these issues with any children who might potentially take out loans. This ensures they understand what could happen if their parents have gone through—or are going through—the process of filing for bankruptcy protection.

Filing for bankruptcy can be an effective way to get out of debt and start fresh financially. However, it can also impact those around you—including spouses and children—who might find themselves dealing with unexpected complications as a result of your decision. Before deciding whether or not to file for bankruptcy protection, take some time to consider how it might affect those closest to you.

Will bankruptcy affect my spouse? Will it affect my children or any other people in my life?

If you are struggling with debt and considering bankruptcy in 2023, it’s important to contact an experienced bankruptcy attorney.

For more information, contact the Law Offices of Robert M. Geller at 813-254-5696 to schedule a free consultation with an experienced attorney.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Does Bankruptcy Clear Attorney Debt?

Filing for bankruptcy is a complex process that often requires the expertise of a bankruptcy attorney to navigate successfully. However,...
Read More

What to Ask a Bankruptcy Attorney?

Deciding to file for bankruptcy is a significant and often emotional step, and having the right legal guidance is crucial...
Read More

How Can I File Bankruptcy with No Money?

Filing for bankruptcy is often seen as a last resort for those overwhelmed by debt. It's a step that provides...
Read More

What Does the Bankruptcy Trustee Investigate?

Filing for bankruptcy can be a daunting process, filled with complex legalities and numerous requirements. One key figure in this...
Read More

Can You Make Too Much Money to File for Bankruptcy?

When people think about bankruptcy, they often envision individuals who are completely destitute and unable to meet basic financial obligations....
Read More

Can You File Bankruptcy with Equity in Your Home?

For many individuals facing financial hardship, their home represents their most significant asset. However, when struggling with overwhelming debt, the...
Read More

Are Trusts Protected from Bankruptcy?

Trusts are powerful estate planning tools. They allow people to protect and distribute their assets according to their wishes. This...
Read More

The Truth About Bankruptcy and Buying a Car

The Truth About Bankruptcy and Buying a Car Bankruptcy often carries a stigma of financial ruin and a bleak future....
Read More

How Do Bankruptcy Lawyers Get Paid?

Bankruptcy can be a stressful and overwhelming experience, but having the right legal representation can make all the difference in...
Read More

Do You Lose Your Home When You File for Bankruptcy?

Filing for bankruptcy can be a daunting prospect, especially when it comes to concerns about losing one's home. Your home...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions