Top bankruptcy lawyer Bryan Keenan founder of Bryan P. Keenan & Associates, PC in Pittsburgh, PA discusses how to maximize the benefits of securing a bankruptcy discharge either individually or jointly. For more information please visit https://bryankeenanattorney.com
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Couples facing bankruptcy may have several options open to them when it comes to filing, Bankruptcy Attorney Bryan P. Keenan disclosed in an interview this week.
For more information please visit https://bryankeenanattorney.com
The Founder of Bryan P. Keenan & Associates, PC, in Pittsburgh, PA, said that there is no requirement that a married couple file together. In some instances this may be more advantageous.
If most debts are owed by one spouse that spouse can file a Chapter 7 or Chapter 13 Bankruptcy. A Chapter 7 bankruptcy erases or "discharges" unsecured debt, which includes credit card balances, medical bills, past-due rent payments, payday loans, overdue cellphone and utility bills. ‘’A Chapter 13 Bankruptcy is a repayment plan where you pay all or a part of your unsecured debt’’.
In either bankruptcy, the non-filing spouse credit will not be damaged as a result of their husband or wife filing. The bankruptcy should only appear on the credit report of the spouse who filed. If the debts are held jointly, the non-filing spouse will remain legally responsible to pay the debt.
Keenan revealed that even if someone files on their own the court will still consider the household income and household expenses. The non filing spouse ongoing payments on unsecured debt would reduce the household income. This may be the difference in one spouse qualifying to file under Chapter 7 bankruptcy to discharge their unsecured debt.
‘’Beyond just debt, another issue for married couples to consider when evaluating bankruptcy is how assets are held. If one spouse owns property in her name only and doesn’t file bankruptcy, it won’t become part of the bankruptcy estate. This could be an important factor depending on the value of the asset, because Chapter 7 is technically a liquidation. All the property you own that exceeds the value of your state’s exemption laws is subject to sale by the bankruptcy trustee. However, the trustee only has jurisdiction over the property of the party that files’’, Keenan explained.
He concluded, “Before deciding whether to file individually or collectively as a unit, couples need to sit down with an experienced bankruptcy attorney to maximize the benefits of securing a bankruptcy discharge either individually or jointly.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Bryan Keenan
Email: Send Email
Organization: Bryan P. Keenan & Associates
Address: 993 Greentree Rd #101, Pittsburgh, PA 15220,
Phone: 412-922-5116
Website: https://bryankeenanattorney.com
Release ID: 89095724
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