https://www.youtube.com/watch?v=ToYaxmrveVM
Can I File Bankruptcy Without My Spouse? Call (703) 967-3315 or visit https://fishersandlerlaw.com and ask us about our 👉$0 Down Bankruptcy Program today.👈
How will filing for bankruptcy affect my spouse in Virginia?
If you’re married, you can file bankruptcy with or without your spouse. Filing individually doesn’t mean your spouse won’t be impacted. Before you choose to file individually or jointly, you’ll want to consider many factors, including what debts and assets you have together, whether you co-mingle your finances.
How does bankruptcy affect my spouse in Virginia?
If a husband files bankruptcy without his wife, only the husband’s debts are discharged. If the debts are held jointly, the non-filing wife will still owe even after one spouse has filed bankruptcy.
The bankruptcy filing will appear on the husband’s credit report, but should not appear on the wife’s. If a non-filing spouse receives an adverse rating on their credit score as a result of their spouse’s bankruptcy, the matter should be addressed immediately with the credit reporting agencies. A non-filing spouse should not have their credit damaged as a result of their husband or wife filing for bankruptcy.
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. For example, a wife’s home that is only in her name does not become part of her husband’s bankruptcy estate.
However this only a general rule. Many states recognize a concept known as “equitable title”. If your state is one of them, sometimes a house or other property not in your name can be administered by your bankruptcy trustee. This is complicated stuff and you need to discuss this concept with qualified legal counsel.
Areas We Serve:
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Fisher–Sandler, LLC
12801 Darby Brook Ct #201
Woodbridge, VA 22192
(703) 967-3315
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Fisher–Sandler, LLC
3977 Chain Bridge Rd #2
Fairfax, VA 22030
(703) 691-1642
RMWV+PG Fairfax, Virginia
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Fisher-Sandler, LLC
8002 Discovery Drive, Ste. 422
Richmond,VA 23229
(804) 664-3643
JF34+P3 Richmond, Virginia
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Fisher-Sandler, LLC - Fredericksburg, VA
1930 William Street
Fredericksburg, VA 22401
(540) 274-5566
7GW5+33 Fredericksburg, Virginia
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Bankruptcy Questions Playlists:
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Related Videos:
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https://www.youtube.com/watch?v=7OaXPtG7C_4
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*DISCLAIMER*
The information in this video is not intended to provide legal advice or to create an attorney-client relationship; but is intended for general education and information purposes only. Laws change periodically, therefore the information in this video may not be accurate. It is imperative that you seek legal counsel in order to determine your rights and obligations under the law and based upon your specific circumstances.
Avoiding Bankruptcy
There are several reasons to avoid filing for bankruptcy: It is highly detrimental to your credit. In fact, bankruptcy lowers your credit score by about 250-300 points. Additionally, such a blow will remain on your credit report for around 7-10 years, and will hinder your ability to qualify for a new loan in the next 3-4 years.
Things to Consider When Thinking About Filing For BankruptcyIf you're considering to file for bankruptcy, chances are you're in way over your head in debt. How this happened was likely beyond something you had complete control over. You may lost your job, had a divorce or business failure. Maybe too many credit cards came your way. We don't ask for these things to happen now do we?
Do You Need Help to Go Bankrupt?Very many people in the UK especially in England and Wales will take the step to petition for their own bankruptcy this year. Still even more will think about it and then decide the process is too stressful or complicated. That is where this article seeks to help. If you need help to go bankrupt I can point you in the right direction.
What is Bankruptcy?Bankruptcy is a mechanism whereby a person can write off his debt, in return for handing his affairs to the Official Receiver. There are new rules in place now which means that someone subject to a Bankruptcy Order will generally be discharged from bankruptcy within 12 months.
Bankruptcy - Let's Take a Closer LookThe federal courts have a process known as bankruptcy which is designed to help individuals and businesses clear their debts and manage repayments under the protection of a bankruptcy court. The two most common forms of consumer bankruptcy are: reorganization or Chapter 13 and liquidation also known as chapter 7...
What is Chapter 13 Bankruptcy Anyway?Many people are surprised to learn that there are a number of different types of bankruptcy. The two that apply specifically to individuals are Chapter 7 and Chapter 13 bankruptcy. What exactly is the difference between them?
Life After BankruptcyWhile filing for bankruptcy one should be aware of the financial difficulties that he would be enduring in the long run. Once bankruptcy is filed it remains on the credit report for the next 10 years and that makes him well aware of the fact that he will loose the ability to receive any type of credit, a mortgage or a bank loan.
How Does Bankruptcy Affect the Sale of Your Home?If you are in the process of selling your home and filing for bankruptcy, you may want to consult your local Bankruptcy Attorney for the right legal advice. If you seek advice from your agent, they will in turn refer you to a bankruptcy attorney.
Understanding the Difference Between Chapter 7 and Chapter 13 BankruptcyIf you have been considering personal bankruptcy as the answer to your financial problems, you may be surprised to learn that there is more than one type of federal bankruptcy. Most of them do not pertain to individuals but instead focus on corporations restructuring or special situations like farmers and fishermen.
Lots of Debt and Nowhere to Go? File Bankruptcy!Filing a bankruptcy is not as bad as you think. Although there are still older generations who believe that filing bankruptcy is something evil, the world has changed and dealing or coping with an out of hand debt situation and all that comes with it can be overwhelmingly depressing. There is a way out! Filing an individual consumer bankruptcy, whether it be a chapter 7 or chapter 13, may just be the solution you have been looking for.
Avoiding Bankruptcy - The Evil Ten Letter WordBankruptcy is a plague that has swept through this nation over the past few years. This is a problem that is really dependent on some key factors.
Bankruptcy Around the WorldAs with all aspects of a legal system, bankruptcy laws vary from country to country. The differences can be substantial. This article is written from the perspective of United States bankruptcy law. With a better understanding of bankruptcy systems around the globe, Americans can better understand their own bankruptcy codes and processes. Like many areas of common law in the United States, American bankruptcy law is historically rooted in the bankruptcy laws of England. Although since that time the systems have diverged considerably, the American bankruptcy system can be understood as a parallel evolution of bankruptcy law in the English-speaking world.
Filing For Bankruptcy - What Are the Major Concerns to Be Considered?Debt is the plague of the American families, it seems. For decades we have relied overly on credit cards and this coupled with poor discipline leads to bad news in the financial department.
Declaring Yourself Bankrupt - Check Out These Bankruptcy Alternatives Before You ProceedDeclaring yourself bankrupt is often touted as a means of getting yourself a financial fresh start and resolving all your money related worries. Now, while it is true that declaring yourself bankrupt is, for some, a legitimate means of resolving financial problems, this is not always the case.
Are There Ways to Avoid Bankruptcy When You Are in a Financial Crisis?For those Americans in the dire situation of finding themselves unable to pay off the debts they owe, for whatever reason, they have probably heard only too often about the possibility of having to declare bankruptcy. Of course, with the long term consequences of such a decision, most people would prefer to do anything they can in the first instance to avoid bankruptcy.
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