Financial problems can put a strain on any relationship. As a result, bankruptcy and divorce often go hand-in-hand. If you are facing divorce and need to file bankruptcy, it is important for you to seek advice from a skilled attorney to help you determine if you should file for joint bankruptcy prior to your divorce.
At Volman Law, we can help you understand your bankruptcy options. Whether joint bankruptcy or sole bankruptcy works for you will depend on your particular situation. Contact a Connecticut joint bankruptcy filing lawyer to discuss your goals in a free initial consultation.
Should I File for Bankruptcy Jointly With My Spouse?
Filing jointly can save you money and minimize your potential liability for debts. There are potential pitfalls if you allow your spouse to file on his or her own. For example, if your spouse discharges a debt in bankruptcy that is also in your name, the creditor can come after you for the full amount. If you file jointly, you can discharge your debts together.
Why Would I Want to File Separately?
There are situations where you may not want to file jointly. For instance, if the debts are only in your spouse’s name and he or she brought those debts into the marriage, you may want to file separately.
Also, if you file jointly, your income and assets can be used by the bankruptcy court to pay off your spouse’s debts. The court could use your tax refund, for example, to pay off your spouse’s credit card debt in a joint bankruptcy.
Should I Wait to File After My Divorce?
For purposes of determining if you qualify for Chapter 7 bankruptcy, the court looks at you and your spouse’s combined income, even if you are not filing jointly. It may be beneficial to you to file separately after your divorce if you and your spouse’s income disqualify you from Chapter 7 bankruptcy.
The income limits for filing are based on the median income by family size in Connecticut. In 2011 the median income was:
- $57,863 for 1 person
- $71,961 for 2 family members
- $83,655 for 3 family members
- $103,314 for 4 family members
Speak to an Experienced Bridgeport, New Haven Connecticut Bankruptcy and Divorce Attorney
Whether you need to file for joint bankruptcy or as an individual, we can help you weigh your options and develop a comprehensive debt relief plan during, after or before your divorce. Contact a Connecticut joint bankruptcy filing lawyer online or call (203) 929-7771 to schedule a free initial consultation.
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