Advising Spouses in Bankruptcy Filing Procedures
Both spouses do not have to file for bankruptcy if one spouse files. In some situations it might be in both spouses' best interests for both to file, but an experienced bankruptcy lawyer should be consulted to help you understand the benefits and the consequences of a dual filing.
At Redman Ludwig, P.C., we help people in Indianapolis and throughout central Indiana determine the most appropriate course of action for their particular financial situation. It makes good financial sense to evaluate your circumstances and abilities to improve your credit considering all your bankruptcy options and other debt relief alternatives.
Our legal team is concerned for your well-being, and we work diligently to help you pursue the resolution that best fits your needs and goals. With more than 60 years of collective experience, we will guide you to informed decisions and provide you with personalized service.
The Advantages of One Spouse Filing for Bankruptcy:
- Unsecured debts are discharged for the individual
- Discretionary income increases for the couple
- Asset protection can be increased in certain situations
- Your credit score might improve quicker
- The nonfiling spouse's expected financial award (e.g., inheritance, property settlement or personal injury settlement) will be protected
The Disadvantages of One Spouse Filing for Bankruptcy:
- The nonfiling spouse will still be responsible for paying joint, marital debt.
- Dual filing fees are less costly than if each spouse were to file separate bankruptcies (e.g., the other spouse filing for bankruptcy on a different date).
We will take the time to fully evaluate your unique situation and determine the impacts of dual and individual filing, presenting you with straightforward analysis of the benefits and consequences of each.
Free, Informative Consultations: Call 866-793-5226 or 317-489-5832
Our attorneys do not push any one resolution. We pursue debt relief solutions in your best interests. Contact us today for efficient, dependable, personalized counsel.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
