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Bankruptcy Options for Married Couples

Posted On March 12, 2019
Categorized In Bankruptcy, Debt
Written By Jim Mielke

Married couples often share the same debts, but that is not always the case. There are bankruptcy filing options for both situations. One partner may need to wipe out their debts but want to avoid harming the other partner’s credit. In some states, it can be beneficial to file for bankruptcy jointly. Before deciding, you should know the pros and cons of each filing option for married couples.

One Spouse Filing for Bankruptcy

If a couple is in a situation where only one of the two partners needs to file for bankruptcy, filing individually may be the right choice. An individual can file for chapter 7 or chapter 13 bankruptcy.

Did You File for Bankruptcy in 2018? Here Is How It Affects Your Tax Return

Posted On February 3, 2019
Categorized In Bankruptcy
Written By Jim Mielke

So, you made the decision to reclaim your life from financial trouble in 2018 and file for bankruptcy. When you file, you basically separate from your estate. You can think of your estate as a separate person. This can create some complexities during tax season. To add more into the

How to Keep Your Car During Chapter 7 Bankruptcy

Posted On December 3, 2018
Categorized In Bankruptcy
Written By Jim Mielke

It is a common misconception that you have to give up everything valuable during chapter 7 bankruptcy. You can file a car redemption motion. This option could be a game changer because it saves you money in the long run. A car is an essential asset when it comes to

A Quick Guide to Asset Redemption in Chapter 7 Bankruptcy

Posted On July 23, 2018
Categorized In Bankruptcy
Written By Jim Mielke

Did you know that you do not have to liquify all of your assets when you file for Chapter 7 bankruptcy in Florida? You can file for asset redemption if you have “secured debts”. Secured debt is debt that has collateral that can be used to pay off the debt.