Filing for Bankruptcy

29 Mar Is My Spouse Responsible For My Debt?

For along time in the United States, we have recognized that husbands and wives are separate legal entities. We may take for granted that women can own property in their own name or that a husband does not 'own' his wife. We accept that generally speaking, spouses are not responsible for each other's debts. They can file for bankruptcy alone.

But is this entirely true?

Read More

26 Mar Why Most Websites Get Connecticut Exemptions Wrong

Bankruptcy exemptions under the law are a complicated subject. Under the changes to the Bankruptcy Code in 2005, this subject has gotten even more complex. The first question to be answered is: Which law applies? There are so many choices: federal bankruptcy law vs. state law, state law vs. state law. Much is determined by where you have lived and when. Sure, Congress was trying to stop the 'flight' to states where the exemptions laws are generous. Another part of the Bankruptcy Myth. Like we all have that kind of money to pick up and move south.

But I digress...

Read More

26 Mar Do I Have to File Bankruptcy with My Spouse?

bankruptcy petitionWhile many married couples file bankruptcy jointly, there is no requirement that they do so. You are entitled to file your own, separate, bankruptcy, just as you are entitled to your own credit rating. A joint filing is advisable when both parties are responsible for a significant amount of debt, whether or not the debt is joint. If most of the debt is joint debt, a bankruptcy filing by one spouse will not stop collection attempts--phone calls, letters, or lawsuits--against the non-filing spouse. Even if each spouse has his or her own debt, if both spouses are overextended, a joint filing may save time, trouble, and attorney fees.
Read More