If you are considering bankruptcy, you may be wondering how getting married affects your ability to file. The answer is that it depends on several factors, including the type of bankruptcy you are considering and the laws in your state. A bankruptcy or foreclosure attorney can help you decide how to proceed.
In general, if you are considering filing for Chapter 7 bankruptcy, getting married will not have a significant impact on your ability to qualify for bankruptcy relief. This is because your income and debts, not your marital status, determines your eligibility for Chapter 7 bankruptcy.
However, with Chapter 13, marriage has a significant impact on your ability to qualify for bankruptcy relief. This is because your ability to repay your debts under a Chapter 13 bankruptcy plan is based, in part, on your household income. Your spouse’s income could disqualify you for bankruptcy.
In addition, the laws regarding bankruptcy vary from state to state. Therefore, it is important to consult with an experienced bankruptcy attorney. A bankruptcy or foreclosure attorney helps you determine how getting married affects your ability to file for bankruptcy.
Should I Tell My Soon-to-Be Spouse about Bankruptcy?
If you’re considering bankruptcy, you may be wondering if you need to tell your spouse. There’s no clear-cut answer. Many factors play a role.
For example, if you’re considering filing for Chapter 7 bankruptcy, the court will liquidate your assets to pay off creditors. This means that your spouse’s assets could also be at risk. This is true even if you leave them off of the bankruptcy petition. This won’t be the case before marriage, but once you’re married bankruptcy could affect ownership of joint assets.
If you’re considering filing for Chapter 13 bankruptcy, your spouse will not be directly affected, but their financial situation could still be impacted. This is because the court considers your spouse’s income when determining your repayment plan.
It’s also a good idea to share your concerns about your finances with your soon-to-be spouse if it’s likely to affect your major assets. For example, are you working with a foreclosure attorney to protect your home in bankruptcy? It’s important to let your fiancé know about your situation.
Ultimately, the decision of whether or not to tell your spouse about bankruptcy should be based on your individual situation. If you’re unsure, it’s always best to consult with a bankruptcy attorney to get guidance.
However, you must consider how keeping important information from your soon-to-be spouse could affect your upcoming marriage. Failing to share important decisions and information upsets most spouses. Before making your decision, carefully consider what you consider private from your spouse and what you’d rather share with them during your marriage.
Also, consider how you’d feel if your spouse kept information about bankruptcy from you.
Contact a Lawyer to Help You with Bankruptcy and Foreclosure Decisions
If you are struggling with debt and a wedding is in your future, bankruptcy is an option that can help you get back on track. It’s not the best option for everyone but it can help if you’ve exhausted other opportunities. To learn more, contact the Law Offices of Robert M. Geller at 813-254-5696 to schedule a free consultation with an experienced bankruptcy or foreclosure attorney.