Should Married Couples File For Bankruptcy Jointly or Separately?

Should Married Couples File For Bankruptcy Jointly or Separately?

Should Married Couples File For Bankruptcy Jointly or Separately?

As Denver’s most affordable bankruptcy law firm we get this question a lot. The answer, however, is not the same for everyone. There are pros and cons to be considered with the decision to file bankruptcy individually or as a couple.

We recommend an in-person consultation to discuss which filing status would most benefit you and your spouse. According to each of your financial situations. Filing jointly can have many benefits for a married couple in terms of paying less money in legal fees and court costs. Each spouse emerges free of unsecured debt and the stress that goes along with it, etc.

However, there are times when the decision to file bankruptcy with your spouse does not make sense. We have provided a few examples below.

When Filing Bankruptcy Jointly Does Not Make Sense

  • debts are only in one spouse’s name.
  • finances are kept separate due to a prenuptial agreement.
  • one spouse is expecting to receive an inheritance.
  • one spouse has already filed for bankruptcy once before and is ineligible for discharge.
  • you want to preserve your spouse’s ability to file bankruptcy in the future, should that be necessary.

If you are married and find yourself overwhelmed with debt, or facing financial hardship. Bankruptcy might be an avenue to consider. Many marriages have failed due to the stress of being in debt. Whether it was due to mounting medical bills, unsecured credit card debt, or just needing a chance to reorganize and start over with a more affordable plan.

Devon Barclay has been there, and he understands. That is why he went into this profession and aspires to help as many people as he can navigate their way out of the crisis that debt can be.

If you would like to schedule a free consultation to discuss your specific financial situation and what solutions there are for you please feel free to fill out the form below. Or for more pressing matters feel free to call us at 720-515-9887.

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Devon Barclay, PC

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