If one spouse files for bankruptcy, it does not mean that both spouses must file for bankruptcy. However, both can if it is in your best interest. At the Law Office of Stephen Ross, we help you determine the best course of action in debt relief for your best interest. We take the time to gain a full understanding of your financial situation as a couple and analyze your options from several angles. Your success and your fresh financial start are important to us.
Our Pottstown, Pennsylvania, bankruptcy lawyers are your direct contact at our law firm. We provide you with open communication and reliable, knowledgeable legal counsel through every step of the bankruptcy process.
King of Prussia Marital Debt Attorneys
Marital debt is owned jointly by spouses, similar to marital property. If there is any debt in one spouse's name, both spouses may not need to file for bankruptcy.
Advantages of one spouse filing include:
- Discharging individual unsecured debts
- Increasing discretionary income
- Greater asset protection in some situations
- Benefits to your credit score over time
- Protection of the non-filing spouse's expected financial award such as an inheritance or a personal injury settlement
Disadvantages of one spouse filing include:
- If spouses are joint debtors, the non-filing spouse will still be responsible for paying joint, marital debt.
- The costs associated for a dual filing are much less than if each spouse eventually files bankruptcies on different dates.
Advantages and disadvantages may vary based on your particular situation and what debt relief option our analysis determines is your best option.
Contact Our Pottstown Spouse Bankruptcy Attorneys Today
Our attorneys are ready to discuss your concerns and provide answers. Contact our Pennsylvania debt relief law firm today to learn more about what we can do to help you overcome your legal troubles at 610-323-5300 | 800-799-1948.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
