Our bankruptcy lawyer knows that filing for bankruptcy is a difficult decision. There are so many questions you may need answered before you decide that filing a Delavan bankruptcy is the right thing to do for your current situation. If you are married, one of those questions may be whether to file bankruptcy jointly or if only one spouse can and should file bankruptcy. Our Delavan bankruptcy lawyer provides the answer to this question below:
I’m Married. Can I File a Bankruptcy Alone?
The answer to this question is “Yes.” However, keep in mind that if there is any debt that you and your spouse are both responsible for, creditors may still come after your spouse’s individual assets, seeking payment in full for the debt owed.
It is also important to note that when spouses share debt and one spouse discharges their portion through bankruptcy, the bankruptcy may show up on the non-filing spouse’s credit report. The credit score of the other spouse should not be affected and the bankruptcy notation can be removed with cooperation from the Credit Bureaus.
One last thing to keep in mind is that Wisconsin is a community property state, meaning most property acquired through marriage is automatically presumed as joint ownership, unless you can specifically provide evidence to prove otherwise (like a premarital agreement). This results in a risk where married couples may lose assets they could have kept if they would have filed a Delavan bankruptcy together. It is best to contact a Delavan bankruptcy lawyer to discuss the pros and cons of filing for bankruptcy alone.
Delavan Bankruptcy Lawyer Explains Wisconsin Exemptions
Our bankruptcy lawyer also wants you to be aware that if you file jointly, you will be able to double your exemptions. For example, when filing a Delavan bankruptcy, Wisconsin law allows you to exempt up to $75,000.00 in equity in your home. Married couples are allowed to double this exemption amount to protect $150,000.00 in equity. Many Wisconsin exemption amounts double for married couples filing bankruptcy together. Contact our Delavan bankruptcy lawyer to learn more about Wisconsin exemption amounts.
Delavan Bankruptcy Lawyer Advises When to File Bankruptcy Alone
There may be special circumstances where only one spouse has acquired all the debt and all debts are solely in that spouse’s name. For example, if you recently married and your new spouse has a large amount of debt that was acquired before your marriage. In this instance, a single spouse filing bankruptcy may be a good option. Another example is if your spouse has already filed a bankruptcy and is now ineligible to receive a discharge. Remember, even if you file for bankruptcy alone, you must disclose the income of your entire household. Seek the advice of a Delavan bankruptcy lawyer before deciding to file bankruptcy alone.
Seek the Advice of an Experienced Delavan Bankruptcy Lawyer
If you are married and contemplating filing for bankruptcy on your own, without your spouse, proceed with caution. Contact an experienced Delavan bankruptcy lawyer to discuss your current financial situation. Wynn at Law, LLC offers a free initial consultation. Contact our Delavan bankruptcy lawyer at 262-725-0175 to schedule your free consultation today.
*The content and material on this web page is for informational purposes only and does not constitute legal advice.
Photo by Flickr Creative Commons Luca Boldrini