Bankruptcy
Credit Repair
Can
One Spouse File
Bankruptcy?
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One
spouse can file for
bankruptcy. The question is
whether or not the debt relief needed is attached to both you and your
spouse.
For instance: A car loan may be in the husband's name, the wife's name or both. If both names are on the note or loan, along with other debts you may need to consider both of you filing for bankruptcy.
This is a simplistic answer which is best addressed by your attorney after they have thoroughly reviewed your financial situation.
There are many "certified credit counselors" just waiting to put you in a program which will make their company money. I am not saying that all of them are bad. I suggest that you ask them if they provide free consultation and visit with more than one credit counselor prior to making any commitments.
Many credit counselors will suggest debt consolidation. This is where they take several debts and they wrap it into one loan. Debt Consolidation Read On...
For instance: A car loan may be in the husband's name, the wife's name or both. If both names are on the note or loan, along with other debts you may need to consider both of you filing for bankruptcy.
This is a simplistic answer which is best addressed by your attorney after they have thoroughly reviewed your financial situation.
There are many "certified credit counselors" just waiting to put you in a program which will make their company money. I am not saying that all of them are bad. I suggest that you ask them if they provide free consultation and visit with more than one credit counselor prior to making any commitments.
Many credit counselors will suggest debt consolidation. This is where they take several debts and they wrap it into one loan. Debt Consolidation Read On...
Your
are not
alone...
Bankruptcy Chapter 7
Bankruptcy Chapter 9
Bankruptcy Chapter 11
Bankruptcy Chapter 13
Bankruptcy Chapter 12
Bankruptcy Chapter 15
Ten Myths of Filing for
Bankruptcy
There
are several types of bankruptcy.
Below is
an overview of bankruptcy options. We will work with
you to
determine which type
of bankruptcy filing will
best
suit your situation.
Bankruptcy for Individuals:
- Chapter 7: One of the primary purposes of bankruptcy is to discharge certain debts to give an honest individual debtor a "fresh start." The debtor has no liability for discharged debts. An individual receives a discharge for most of his or her debts in a chapter 7 bankruptcy case. A creditor may no longer initiate or continue any legal or other action against the debtor to collect a discharged debt. But not all of an individual's debts are discharged in chapter 7. Debts not discharged include (read more) Chapter 7
- Chapter 13: The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years. (read more) Chapter 13
- Chapter 15: This is a new chapter added to the Bankruptcy Code by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. It is created to provide effective mechanisms for dealing with insolvency cases involving debtors, assets, claimants and other parties in interest involving more than one country. (read more) Chapter 15
- Chapter 11: Reorganization Under the Bankruptcy Code. The chapter of the Bankruptcy Code providing (generally) for reorganization, usually involving a corporation or partnership. (A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.) (read more) Chapter 11
Bankruptcy for Municipalities:
- Chapter 9: Municipality Bankruptcy- The chapter of the Bankruptcy Code providing for reorganization of municipalities (which includes cities and towns, as well as villages, counties, taxing districts, municipal utilities, and school districts). (read more) Chapter 9
- Chapter 12: The chapter of the Bankruptcy Code providing for adjustment of debts of a "family farmer," or a "family fisherman" as those terms are defined in the Bankruptcy Code. (read more) Chapter 12
"I don't want everyone to
know".
Filing for Bankruptcy can be overwhelming for many people. Fortunately, with so many people filing for bankruptcy it is starting to lose the stigma it once had. We know that bankruptcy is an essential option. We understand bankruptcy laws were created to protect you. We are well versed in bankruptcy law and prepared to use our expertise to help you. We are here to educate you about your options and file bankruptcy cases. Filing bankruptcy is often used to stop foreclosure and repossession of your home and assets.
Filing for bankruptcy creates an automatic stay, which stops a scheduled foreclosure sale.
Get Creditors Off Your Back
Filing
bankruptcy stops your creditors from harassing you. Once you file, you
can stop feeling like a train is coming toward you that you can't avoid.
SCRA. Service members' Civil Relief Act
The Service members' Civil Relief Act applies in bankruptcy cases. It provides protection to members of the military against the entry of default judgments and gives the court the ability to stay proceedings against military debtors.