Chang and Carlin, LLP is a well-known law firm serving people struggling with their debt situations in the Illinois area. The Chang and Carlin, LLP bankruptcy attorneys have been involved in thousands of bankruptcy cases, representing debtors and real estate transactions in the greater Chicago area.
One of the most common questions that people ask when considering bankruptcy is: “Will my bankruptcy affects my spouse or partner?”
While there is no requirement that a husband and wife jointly file bankruptcy, when one spouse files for Chapter 13 or Chapter 7 bankruptcy in Chicago, there is some impact on the other spouse, especially while the bankruptcy proceeds. Additionally, there will be an impact if liabilities and assets are held jointly, until the final decisions are made and the bankruptcy is discharged.
Let’s have a look at how your bankruptcy will affect your partner or spouse.
• Repayment: If one spouse does file for bankruptcy in order to discharge debts, the other spouse may be held responsible for repayment of some debts, such as jointly-owned credit card debt or medical debt. It is in your best interest to contact a knowledgeable bankruptcy attorney Chicago in order to determine what each person's liability will be.
• When not to file jointly: It may be the case that the spouse who is not in debt has numerous protected assets or may stand to inherit a great deal of money. In that situation, a joint filing may not be advisable.
• Who is Liable? : If you have joint debts and you are made bankrupt then your spouse/partner will be liable for the total debt. For example, if you hold a credit card in joint names then you are both liable for your total debt, even if you have spent every penny on the card.
• Owning a home: If you jointly own your home, your ‘beneficial interest’ in it – your interest in the proceeds of the sale of the property – forms part of your estate and may have to be sold to go towards paying what you owe. The official receiver or trustee in bankruptcy may force the sale of your property in order to get hold of your share.
So, if you are thinking of filing for Chapter 13 or Chapter 7 bankruptcy, it is in your best interest to discuss your choices with an experienced bankruptcy attorney in order to determine what your best options are. Chang and Carlin, LLP helps you with bankruptcy filings, deals with exemptions, and provides the best representation throughout for settling your debts hassle-free.
Contact Chang and Carlin for a Free Bankruptcy Consultation Today!
If you are filing for bankruptcy in Illinois, get in touch with Chang and Carlin, LLP today for a Free Bankruptcy Consultation. We understand what you’re going through and can help you navigate the bankruptcy process from start to finish.
Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Legal Evaluation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg. Joliet, and Warrenville.
One of the most common questions that people ask when considering bankruptcy is: “Will my bankruptcy affects my spouse or partner?”
While there is no requirement that a husband and wife jointly file bankruptcy, when one spouse files for Chapter 13 or Chapter 7 bankruptcy in Chicago, there is some impact on the other spouse, especially while the bankruptcy proceeds. Additionally, there will be an impact if liabilities and assets are held jointly, until the final decisions are made and the bankruptcy is discharged.
Let’s have a look at how your bankruptcy will affect your partner or spouse.
• Repayment: If one spouse does file for bankruptcy in order to discharge debts, the other spouse may be held responsible for repayment of some debts, such as jointly-owned credit card debt or medical debt. It is in your best interest to contact a knowledgeable bankruptcy attorney Chicago in order to determine what each person's liability will be.
• When not to file jointly: It may be the case that the spouse who is not in debt has numerous protected assets or may stand to inherit a great deal of money. In that situation, a joint filing may not be advisable.
• Who is Liable? : If you have joint debts and you are made bankrupt then your spouse/partner will be liable for the total debt. For example, if you hold a credit card in joint names then you are both liable for your total debt, even if you have spent every penny on the card.
• Owning a home: If you jointly own your home, your ‘beneficial interest’ in it – your interest in the proceeds of the sale of the property – forms part of your estate and may have to be sold to go towards paying what you owe. The official receiver or trustee in bankruptcy may force the sale of your property in order to get hold of your share.
So, if you are thinking of filing for Chapter 13 or Chapter 7 bankruptcy, it is in your best interest to discuss your choices with an experienced bankruptcy attorney in order to determine what your best options are. Chang and Carlin, LLP helps you with bankruptcy filings, deals with exemptions, and provides the best representation throughout for settling your debts hassle-free.
Contact Chang and Carlin for a Free Bankruptcy Consultation Today!
If you are filing for bankruptcy in Illinois, get in touch with Chang and Carlin, LLP today for a Free Bankruptcy Consultation. We understand what you’re going through and can help you navigate the bankruptcy process from start to finish.
Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Legal Evaluation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg. Joliet, and Warrenville.
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