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Do We Have to File Chapter 13 Jointly?

CHAPTER 13 FAQ'S

Married couples are not required to file bankruptcy together. Individual circumstances will indicate whether it is in your best interest for you and your wife or husband to file bankruptcy jointly or whether just one of you should file.

Sometimes It Is Best for Only One Spouse to File Bankruptcy

There are often good reasons for one spouse to stay out of bankruptcy such as when that person has received or is expecting a large inheritance. Perhaps you or your spouse shares ownership of a family cabin with siblings. Filing bankruptcy could put both the property and family relationships at risk. Perhaps one of you is a partner in a small business, and you wish to leave the business completely out of the bankruptcy.

It may be best for that spouse not to file in a situation such as one of these scenarios. The two of you can choose to collaborate on paying off any debts of the non-filing spouse once the bankruptcy is complete.

When the Non-Filing Spouse is a Co-Signer on a Loan in the Bankruptcy

What if the spouse who is not going to file bankruptcy is a co-signer on debts held by the filing spouse? In this circumstance, Chapter 13 bankruptcy may be the best option. Chapter 13 bankruptcy protects a co-signer such as a non-filing spouse from collection efforts during the three- to five-year period of debt repayment.

Therefore, for many couples, a better question is, “How can we maximize the benefits of bankruptcy when one of us chooses not to file?” A frank discussion with an experienced and knowledgeable bankruptcy attorney is an excellent way to determine the answer to this question.

We would like you to know that only three lawyers in Chicago are certified in consumer bankruptcy by the American Board of Certification*, and two of those are partners at Ledford, Wu & Borges, LLC. We are prepared to advise and guide you through Chapter 13 or Chapter 7 bankruptcy, with or without your spouse.

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https://www.billbusters.com/wp-content/uploads/2019/01/highres-logo-billbusters-transparent-1030x412.png 0 0 adminlaw https://www.billbusters.com/wp-content/uploads/2019/01/highres-logo-billbusters-transparent-1030x412.png adminlaw2018-10-07 18:19:592018-10-07 18:19:59Do We Have to File Chapter 13 Jointly?

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In certain cases, we are even able to offer a same-day bankruptcy filing with no money down – saving you time and money. Need help filing bankruptcy we can help you start.

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Located in Chicago, the law firm of Billbusters, Borges and Wu LLC. represents clients throughout Illinois, including, but not limited to the cities of :Alsip, Arlington, Heights, Bellwood, Berkeley, Berwyn, Blue Island, Bridgeview, Broadview, Brookfield, Burbank, Calumet City, Chicago, Chicago Heights,  Chicago Ridge, Cicero, Country Club Hills, Des Plaines, Dolton, Elk Grove Village, Elmwood Park, Evanston, Evergreen Park, Flossmoor, Forest Park, Franklin Park,  Glencoe,  Glenview, Glenwood, Golf, Hanover Park, Harvey, Harwood Heights, Hazel Crest, Hickory Hills, Hillside, Hines, Hoffman Estates, Hometown, Homewood, Justice, Kenilworth, La Grange, La Grange Park, Lansing, Lemont, Lincolnwood, Lyons, Markham, Matteson, Maywood, Melrose  Park, Midlothian, Morton Grove, Mount Prospect, Niles, Northbrook, Oak Forest, Oak  Lawn, Oak Park, Olympia Fields, Orland Park, Palatine, Palos Heights, Palos Hills, Palos  Park, Park Forest, Park Ridge,  Posen, Prospect Heights, Richton Park, River Forest, River Grove, Riverdale, Riverside, Robbins, Rolling Meadows, Schaumburg, Schiller Park, Skokie, South Holland, Steger, Stone Park, Streamwood, Summit Argo, Techny, Thornton, Tinley Park, Westchester, Western Springs, Wheeling, Willow  Springs, Wilmette, Winnetka, Worth and All of Cook County IL.

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The information contained in this website is for general information purposes only. The information is provided by Billbusters, Borges and Wu LLC and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

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