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== Bankruptcy== One person can file a bankruptcy in a marriage. You will need to take into account the income and expenses of the parter. The Trustee may ask some questions to make sure you are not trying to hide assets in the other person's name. Be sure you can back everything up and you should have no problem.
What else can I help you with?
Can you file bankruptcy on your deceased spouses debts?
No.
Do both parties on a joint mortgage have to file bankruptcy on a joint mortgage?
No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.
Wifes assets if you file bankruptcy?
if your legally married when you file bankruptcy, you must include every single asset including the spouses. depends on what type of bk you file. you may be able to keep your assets.
Does bankruptcy affect both spouses in Minnesota?
Bankruptcy has some effect on both spouses regardless of where they live. Unless the two spouses have taken great care to ensure that their assets are entirely separated from one another, then there is likely to be some part where the spouse will be financially affected by a bankruptcy. For details you should contact a Minnesota bankruptcy lawyer (see related links). They will be able to provide specific information about how a spouse could be affected by bankruptcy.
How can married couple file Chapter 7?
Married couples can file for Chapter 7 bankruptcy jointly by submitting a single application that includes both spouses' financial information, debts, and assets. They must meet the eligibility requirements, including passing the means test, which assesses their income against state median levels. Both spouses are responsible for the debts listed in the bankruptcy, and filing jointly can often simplify the process and reduce costs. It's advisable to consult with a bankruptcy attorney to navigate the complexities and ensure proper filing.
Can a married couple file bankruptcy separately?
In most states filing for divorce is not going to get the other spouse out of helping to pay bankruptcy debts. Many states have a communal property law that states both spouses are liable for debts, both during marriage and during a divorce.
Does both spouce's have to file bankruptcy?
yes
Can married couples file bankruptcy separately in Illinois?
A married couple can file for bankruptcy separately in Illinois, as it is not uncommon for one spouse to have a significant amount of debt in their name only. However, if spouses have debt they want to discharge that they're both liable for, they should file together. Otherwise, the creditor will simply demand payment for the entire amount from the spouse who didn't file. When a married couple face bankruptcy, they can file jointly, one can file while the other doesn't or they can file separately at the same time.
Can my spouses' chapter 7 bankruptcy affect my inheritance?
No, unless you both filed a joint BK petition.
Will your wife have to pay if you file bankruptcy?
If her name is on a loan that you file bankruptcy on than she would then be responsible for that loan. Filing a bankruptcy only gets your name off the loan(s), you would both need to file together.
You owe your sister money can you file bankruptcy on that loan?
If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.
Bankruptcy if married can one spouse file bankruptcy independently from the other Is the one spouse then held responsible for the first spouse's debts if bankruptcy Is filed?
One spouse can file bankruptcy separately and both are held responsible.
