All About How Your Bankruptcy Works If You Are Married
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Tony Lu
Mar 13, 2013, 4:27:04 AM3/13/13
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Article Title: All About How Your Bankruptcy Works If You Are Married
Author: Tony Lu
Word Count: 566
Article URL: http://www.isnare.com/?aid=587957&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=587957
Easy Publish Tool: http://www.isnare.com/html.php?aid=587957
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If you have debt, you might be looking at how you can go about to get out of it. However, you might even find that in many cases, you cannot. The only way that you can might be by filing for bankruptcy which is an option even if you are married. Just keep that in mind when you go to do this. This is how your bankruptcy works if you are married.
Many will ask what if they come after you. For some of you, you might be the only one seeking to go through the bankruptcy. This you can do. Any loans that have your name and your spouse are the ones that the spouse who did not file can be responsible for. Other than that, you will find that any other loans you have out in just your name, they will come after you.
Anything you own jointly is something that can be used to pay off debts. If you file taxes jointly, that can be used as well. So, you need to be careful and you need to explain this as you are going through the bankruptcy process. Your spouse needs to understand this and it is helpful to have a lawyer.
Now, many of you know that when one files for bankruptcy, they are then deemed as being a credit risk. This is because your credit score is drastically affected. However, many of you who are married and looking to file alone might worry that it will hinder your spouses credit. To some degree this might be true.
With their credit report since they have their own, you will find that in many instances they will still have good credit as reported on their credit report. The only time that they will not have good credit is if you two had joint property and debt with the joint accounts and so forth.
From here things get fuzzy as you have to figure what sort of bankruptcy you want to file and so forth. You have two options as to which you can file. There is chapter seven and then chapter thirteen. Each one differs in its own way. This might be a decision you both discuss and with a lawyer as well.
The last tip we can offer as to how things are handled as you file for bankruptcy when you are married is that you need to know how your state runs. Each state handles bankruptcy differently and therefore, what might be for one state might be for another. This could work for or against you. You just never know.
The thing that you must remember is that this will help you with the minor things. There are many things that you might still wonder as you work to file for bankruptcy. You do want to be sure that everyone's best interest is taken into consideration. Therefore, part of that is going to be making sure that you talk to who you need to talk to in order to fully understand this process. This is why you should have legal counsel to help you with everything. This might be the best thing for you.
About the author, Bankruptcy is an extremely complex process,if you need help through the process, hire a Toronto bankruptcy trustee.
About The Author: http://www.torontobankruptcytrustees.com/ is an extremely complex process,if you need help through the process, hire a http://www.torontobankruptcytrustee.com/.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=587957
*********************** ARTICLE END ***********************
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Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Tony Lu
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=587957
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=587957
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: All About How Your Bankruptcy Works If You Are Married
Author: Tony Lu
Word Count: 566
Article URL: http://www.isnare.com/?aid=587957&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=587957
Easy Publish Tool: http://www.isnare.com/html.php?aid=587957
*********************** ARTICLE START ***********************
If you have debt, you might be looking at how you can go about to get out of it. However, you might even find that in many cases, you cannot. The only way that you can might be by filing for bankruptcy which is an option even if you are married. Just keep that in mind when you go to do this. This is how your bankruptcy works if you are married.
Many will ask what if they come after you. For some of you, you might be the only one seeking to go through the bankruptcy. This you can do. Any loans that have your name and your spouse are the ones that the spouse who did not file can be responsible for. Other than that, you will find that any other loans you have out in just your name, they will come after you.
Anything you own jointly is something that can be used to pay off debts. If you file taxes jointly, that can be used as well. So, you need to be careful and you need to explain this as you are going through the bankruptcy process. Your spouse needs to understand this and it is helpful to have a lawyer.
Now, many of you know that when one files for bankruptcy, they are then deemed as being a credit risk. This is because your credit score is drastically affected. However, many of you who are married and looking to file alone might worry that it will hinder your spouses credit. To some degree this might be true.
With their credit report since they have their own, you will find that in many instances they will still have good credit as reported on their credit report. The only time that they will not have good credit is if you two had joint property and debt with the joint accounts and so forth.
From here things get fuzzy as you have to figure what sort of bankruptcy you want to file and so forth. You have two options as to which you can file. There is chapter seven and then chapter thirteen. Each one differs in its own way. This might be a decision you both discuss and with a lawyer as well.
The last tip we can offer as to how things are handled as you file for bankruptcy when you are married is that you need to know how your state runs. Each state handles bankruptcy differently and therefore, what might be for one state might be for another. This could work for or against you. You just never know.
The thing that you must remember is that this will help you with the minor things. There are many things that you might still wonder as you work to file for bankruptcy. You do want to be sure that everyone's best interest is taken into consideration. Therefore, part of that is going to be making sure that you talk to who you need to talk to in order to fully understand this process. This is why you should have legal counsel to help you with everything. This might be the best thing for you.
About the author, Bankruptcy is an extremely complex process,if you need help through the process, hire a Toronto bankruptcy trustee.
About The Author: http://www.torontobankruptcytrustees.com/ is an extremely complex process,if you need help through the process, hire a http://www.torontobankruptcytrustee.com/.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=587957
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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