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Brandon FL Bankruptcy Lawyer For Married Couples

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Legal Advice In Filing For Bankruptcy Separately 

Certain circumstances can force married couples into filing for bankruptcy as individuals, rather than as a married couple. It is possible for one of the spouses to file, and leave the other spouse off of the petition. If you or your spouse are considering bankruptcy, it is in your best interest to first discuss your options with a Brandon FL bankruptcy lawyer for married couples.

If you are married and considering filing separately or as a single individual, keep in mind that debt assumed when married may be considered joint debt. If only one of you files,  it will not relieve the non-petitioning spouse from any debt obligations that may or may not be discharged. A married couple filing as separate petitioners, or if only one spouse chooses to file, generally makes sense only if there is no joint debt.

Golden Law Group is a bankruptcy law firm that has helped thousands of clients including married couples find debt relief and achieve financial stability. With over 20 years of experience, we have a deep understanding of bankruptcy laws and we can provide married couples with personalized and effective solutions to their financial problems.

Want to learn more about how we can assist you? Contact us today for a free consultation and let’s talk about which bankruptcy option is more beneficial for you.

Why Do I Need a Bankruptcy Attorney For Married Couples in Florida?

If you and your spouse are facing overwhelming debt and considering bankruptcy, you may be wondering whether to file jointly or separately. While joint bankruptcy filings are often the best option, there are situations where filing separately may be more appropriate. In fact, in some cases, it may be necessary for both spouses to file for separate bankruptcies. 

This is where our Brandon FL bankruptcy lawyer for married couples from Golden Law Group can help. Our attorneys understand the complexities of bankruptcy law and can provide you with guidance on the best course of action for your unique situation. 

Here are a few of the many ways we can assist you:

  • Protection of your rights: Our Brandon FL bankruptcy lawyer for married couples can help ensure that your rights are protected throughout the bankruptcy process. We can advise you on what debts can and cannot be discharged, and help you understand your legal obligations.
  • Protection of your assets: Our bankruptcy lawyer can help protect your assets and make sure you don’t lose more than necessary during the bankruptcy process.
  • Knowledge of bankruptcy laws: Bankruptcy laws can be complicated and difficult to understand. Our Florida bankruptcy attorney for married couples has the knowledge and experience to navigate these laws and ensure that your bankruptcy case is handled correctly.
  • Maximize exemptions: Florida has specific bankruptcy exemptions that allow you to protect certain assets from being seized by creditors. We can help you understand these exemptions and maximize the amount of property you can keep.
  • Protection from creditors: Our legal team can help protect you from creditor harassment, debt collection calls, and other actions taken by creditors.
  • Debt relief: Filing for bankruptcy can provide debt relief, but it’s important to have our Brandon bankruptcy attorney on your side who can help you understand your options and choose the best option.
  • Personalized solutions: Every bankruptcy case is unique, and our bankruptcy attorney in Brandon FL can provide personalized solutions that are tailored to your specific needs and financial situation.

Hiring a bankruptcy attorney for married couples in Florida can help ensure that your bankruptcy case is handled correctly and that you receive the maximum amount of debt relief possible. Contact us now to begin the process immediately. 

Can I File For Bankruptcy Separately From My Spouse?

Married couples have the option of filing a joint bankruptcy case or an individual bankruptcy case. So, which option is the best? There are times when filing jointly with your spouse makes more sense than filing separately. However, if you are going through a divorce, the waters become murkier.

When only one spouse declares bankruptcy, it can indirectly affect the other. Even if only one spouse files for bankruptcy, both spouses’ incomes must be reported on the bankruptcy forms. In bankruptcy, the means test and other financial disclosures are based on household income, not just the filer’s income. 

The decision to file separately is extremely important, and numerous factors must be considered. Remember, that if you choose to file separately, your non-filing spouse will still be involved. Our Florida bankruptcy lawyer for married couples understands that it can be difficult to discuss your financial problems openly and honestly, but honest communication makes the bankruptcy process and the road to recovery much more predictable. Schedule a free consultation with one of our attorneys today! 

What Are The Common Reasons To File An Individual Bankruptcy Case?

Whether or not to file individually is a crucial decision, as your individual bankruptcy case will not provide your spouse with much relief from debts you hold jointly and could also jeopardize your spouse’s share of the property. 

Here are some considerations that may affect your decision on filing a separate bankruptcy petition: 

Your Spouse Has Minimal Debt 

Whether the debt is held jointly or individually if one of the spouses has only a modest amount of debt, they probably won’t need the protection that bankruptcy provides. If you file for bankruptcy on your own, it will not be reported on your spouse’s credit reports, which will help protect their credit rating. Filing bankruptcy on your own will also help protect your credit rating.

Filing Separately Maintains the Separation of Your Finances When You’ve Set Them Up That Way

If you and your spouse have a prenuptial or postnuptial agreement to separate your debts and property, then your spouse should already be protected from the effects of your bankruptcy case even before it is filed. 

However, the courts are wary of gifts and transfers made at the last minute to only one spouse, especially if it can be argued that these actions were taken to shield the property in question from the creditors of the gifting spouse. You will need to wait one year after the transfer before you can file your case in order to protect any transactions of this kind.

Your Spouse Has Received or Expects to Receive an Inheritance, Gift, or Personal Injury Settlement

Your spouse’s share of any inheritances, gifts, or settlements for personal injuries sustained in accidents are considered their own separate property and will not be affected by your bankruptcy filing. Those spouses who were awarded any of these assets can rest easy knowing that they cannot be used to pay your financial obligations.

Suppose, however, that your spouse anticipates receiving an inheritance, a gift, or a personal injury settlement. If you file jointly and your spouse becomes eligible to receive one of these “windfalls” within six months of your filing, you must transfer any nonexempt amounts to your spouse.

Your Spouse is a Business Owner

The bankruptcy process can be made more difficult by the ownership of a business. An ownership interest in a company is frequently a valuable asset, and this is true irrespective of the legal structure under which the company operates (sole proprietorship, partnership, limited liability company, or corporation). If your spouse decides to file for bankruptcy at the same time as you, it is likely that your spouse will find it challenging and expensive to protect that asset.

Your Spouse Has Already Filed for Bankruptcy and is Not Yet Eligible for Another Debt Discharge

If your spouse received a Chapter 7 discharge, he or she must wait eight years before filing another Chapter 7 case to discharge the new debt. If the prior filing was a Chapter 13 bankruptcy, the waiting period can be as short as two years. You may have to file separately if your spouse is not yet eligible for another bankruptcy petition. 

On the other hand, if other bankruptcy protections, such as the automatic stay, are more advantageous, your spouse may choose to file with you anyway and forego another discharge. 

Your Spouse Would Rather Not File

Your spouse might believe that the time is not yet right and worry that the bankruptcy will have an impact on employment or personal relationships, or want to avoid disclosing financial transactions. These are all valid reasons. And if that’s the case, you may need to pursue your bankruptcy case alone. 

Filing for bankruptcy separately can be extremely overwhelming but it can provide a path toward financial stability and a brighter future. It’s important to seek the advice of our bankruptcy attorney in Florida to make an informed decision that would address your current financial situation. To learn more about how we can help you, do not hesitate in giving us a call. 

When Might Filing Separately Be A Better Option?

If you file for bankruptcy separately, the bankruptcy estate includes all of your separate property as well as your share of the marital property. In an equitable distribution state like Florida, separate bankruptcy filing situations are more complex. 

If you’re filing for bankruptcy separately from your spouse, any property you own separately will generally be protected from being sold to pay off your debts. However, any joint property or assets that you and your spouse own together may be subject to liquidation or sale to pay off your debts. The property division which you both agreed on before may no longer be feasible if assets are liquidated to pay off debts.

If you are both willing and able to file for bankruptcy, a separate filing may make sense if you meet the following criteria:

  • You jointly own property as tenants which is excluded from the bankruptcy estate should only one of you file. This is particularly important if you own your home as a tenant in common. In this situation, filing separately could allow you to keep your home, whereas filing jointly could result in you losing it.
  • You and your spouse recently got married, one of you has the majority or all of the debt, and the two of you haven’t amassed any significant assets. In this case, filing separately will enable the spouse who isn’t struggling with debt to keep their separate property, keep their good credit, and stay out of the bankruptcy case.

Consult with our Brandon FL bankruptcy lawyer for married couples if you have any doubts about whether to file jointly or separately. This decision has serious consequences, including the amount of your debt that will be discharged and the percentage of your property that you will be allowed to keep. Talk to us today!

What Are The Pros Of Filing For Bankruptcies Separately?

Filing for bankruptcy is never an easy decision, especially for married couples who are facing financial hardship. However, there are situations where filing separately can be the best option for each spouse. By taking this approach, each spouse can benefit from a number of advantages that can help them navigate their way out of debt and regain financial stability. 

Here are some of the pros of married couples filing separate bankruptcies:

  • Individual debts: Filing separately can help each spouse discharge their individual debts, without affecting the other spouse’s credit score or bankruptcy filing status.
  • Credit score protection: If one spouse has a better credit score than the other, filing separately can help protect their credit rating and avoid a negative impact on their credit.
  • Avoiding income limits: Filing separately can help each spouse avoid income limits that could prevent them from qualifying for Chapter 7 bankruptcy.
  • Individual co-debtor stay: When one spouse files for bankruptcy, the co-debtor stay only applies to certain types of debts. Filing separately can give each spouse their own co-debtor stay for all their debts, which can provide additional protection.
  • More control: Filing separately can give each spouse more control over the bankruptcy process and allow them to make decisions that are best for their individual situation.
  • Privacy: Filing separately can help keep each spouse’s financial information private from each other and from the public.

If you want to have a clearer picture of the advantages of filing bankruptcy separately, our Brandon FL bankruptcy lawyer for married couples can help. Contact us today to schedule a consultation and take the first step toward debt relief. 

What Are The Cons Of Filing For Bankruptcies Separately?

When it comes to filing for bankruptcy, married couples have the option of filing jointly or separately. While filing separately can provide some benefits, it also comes with some drawbacks. Before making a decision, it’s important to take a closer look at the cons of this approach, and what you should consider before moving forward. 

  • Cost: Filing separately can result in higher legal fees and court costs since each spouse will need their own bankruptcy attorney.
  • Loss of exemptions: Filing separately can result in the loss of certain bankruptcy exemptions that are available to married couples filing jointly.
  • Asset division complications: When one spouse files for bankruptcy, it can complicate the division of assets if the couple later divorces.
  • Loss of joint benefits: Filing separately can result in the loss of certain joint benefits, such as tax deductions and spousal exemptions.
  • Inconsistent treatment: Filing separately can result in inconsistent treatment of debts and assets, which can make the bankruptcy process more complicated.
  • Complications in case of divorce: If the couple later divorces, separate bankruptcy filings can make the division of assets and debts more difficult.

Take the time to carefully weigh the pros and cons of filing separate bankruptcy cases. It is also highly recommended that you seek legal advice from a bankruptcy lawyer in Brandon FL. You can make the best decision for your financial future by contacting us today! 

Call Our Brandon FL Bankruptcy Lawyer For Married Couples Now!

To regain financial stability, bankruptcy is an option for both single and married individuals. In many instances, a married couple’s finances are intertwined, so they file jointly. There may be strategic advantages to filing separately. And it greatly depends on you and your spouse’s financial circumstances. Selecting the best one can facilitate a new beginning.

Learn more about being married but filing separate bankruptcies. Call our experienced Florida bankruptcy attorney at The Golden Law Group. We are ready to answer all of your questions about bankruptcy, debt relief, and illegal collection practices.

From convenient office locations in Brandon and Tampa, we represent individuals, families, and business owners in communities throughout the Florida Gulf Coast region. If you are over your head in debt and don’t know where to turn for relief, turn to us. 

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“Bankruptcy in Florida, by G. Donald Golden” answers some general bankruptcy concerns, such as: How do I know if I should file for bankruptcy?”

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