May a married consumer file without the some other spouse? The short answer is yes, yet that does not mean another spouse does not encounter financial hardship.
Bankruptcy for one spouse now is easier when the debt is keep only in that person?s name and was purchased before the marriage. In states that do not acknowledge community property, the assets held from the individual declaring personal bankruptcy are sold or repossessed to pay their debts. Assets held by the non-filing spouse are not liable for the filing spouse?s debts. However, if seeking the payment plan is set during bankruptcy, the non-filing spouse?s wages are considered when determining how much the couple can afford to pay back each month.
Could a married debt file without the additional spouse? In group property states, declaring bankruptcy by one partner may be treated because bankruptcy by both spouses. Bankruptcy through someone holding joint property puts his or her share of the local community property at risk, permitting creditors to take back the marital home or jointly owned or operated assets. If debts are held by equally spouses, bankruptcy through one spouse won?t alleviate the duty of the other partner. If the debt ended up being acquired during the matrimony while living in a residential district property state, your debt considered equally shared regardless of which partner has their title attached to the debt. Inside community property claims, if one spouse documents bankruptcy protection and the other spouse doesn?t, the spouse which did not file for bankruptcy security is considered fair online game for harassment. Even though Hawaii is not a community property state, meet with a Hawaii bankruptcy attorney to ensure that community property laws do not apply available for you.
Chapter 7 bankruptcy supplies a fresh start by wiping clean all bad debts. However, when one spouse files individual bankruptcy and the other doesn?t, legal risks occur. Did the wife or husband filing bankruptcy give virtually any property to their wife or husband? Did any money through the person filing bankruptcy enter in the non-filing spouse?s retirement account such as a 401K or IRA? Would the person spend money on their particular spouse such as getting jewelry that could have gone toward paying their debts? If money ended up being moved into the spouse?s consideration or resulted in residence that now is one of the non-filing spouse, this could be interpreted as an attempt to hide assets from the bankruptcy.
Seek guidance from a Hawaii bankruptcy lawyer to avoid blunders when filing for bankruptcy defense at 1330 Ala Moana Boulevard #202, Honolulu, HI 96814 or call (808) 554-0104.
Source: http://i-care-finance.com/2012/02/17/can-a-hitched-debtor-file-bankruptcy-minus-the-other-spouse/
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