Bankruptcy And Married Couples

Does A Married Couple Have To File Bankruptcy Together?

As a married couple filing for bankruptcy, you’re sure to have many questions including whether or not you are required to file together.

Your spouse does not have to file bankruptcy with you, however, your spouse’s income is considered in your eligibility factors, and if filing Chapter 13, the spouse’s income is considered in evaluating if you are filing a good faith and how much you must pay in your Chapter 13 plan.

If My Spouse And I File Together Do We Both Need To Take The Credit Counseling Course?

Yes, you both must have a credit counseling certificate in order to be eligible to file for bankruptcy.

Can A Debt Settlement Company Be Used To Avoid A Bankruptcy?

It may be true that a debt settlement company can settle all of your debts, I cannot tell how many times a particular debt settlement company has been successful in settling all of somebody’s debts. I can’t tell you how many times I filed bankruptcy for someone who you will use the debt settlement company and ended up getting sued by one of their creditors.

Do I Have To Take A Second Course After Filing Bankruptcy?

Yes, you must take a debtor education course and file a certificate of financial management course with the bankruptcy court in order to obtain your discharge.

How Many Years Will Bankruptcy Remain On My Credit Score?

A Chapter 7 bankruptcy can remain on your credit report for up to 10 years. Some chapter 13’s may remain for up to 10 years. Normally Chapter 13 cases drop off after seven years.

How Do I Know If I Am Eligible To File Bankruptcy?

Contact Cianchetta and Associates and we will be happy to give you a quick evaluation over the telephone and tell you if you’re eligible to file bankruptcy.

Why Is A Chapter 7 Bankruptcy Called A Liquidation?

The Chapter 7 bankruptcy is called a liquidation because all of your nonexempt assets are liquidated and distributed to your creditors. Most of the assets in most cases are exempt in the cases are no-distribution cases meaning there is no distribution going out to the unsecured creditors.

Should I Pay Creditors Prior To Filing For Bankruptcy?

It depends on the individual situation, however, is important to always pay taxes and wages because they are non-dischargeable debts you should consult with an attorney to determine what prebankruptcy steps you should take prior to filing.