“What we see depends mainly
on what we are looking for.”
John Lubbock
Should you file bankruptcy with or without your spouse? As the John Lubbock quote implies, that all depends on what outcome you are looking for. Finding out which method will allow you to keep the most of what you have and discharge the largest amount of debt possible is certainly the goal of any bankruptcy filing. With the advocacy of the right bankruptcy attorney, this can be a relatively easy decision to make.
Joint Filing
Joint bankruptcy, as you might assume, is when married couples choose to file for bankruptcy together. In joint bankruptcy filings, the combined assets and income, liabilities and debts of each spouse are disclosed. In many cases filing with your spouse is the right move. Especially when each spouse has his or her own mounting debt that is spiraling out of control, a joint petition can enable you to wipe out the debt of both spouses. The same is true for debts that both spouses are liable for.
Questions of separate vs. community property often arise in New Orleans bankruptcy cases since Louisiana is one of nine community property states. As you and your spouse consider the best bankruptcy strategy for you, the skilled team of Louisiana bankruptcy attorneys at Grand Law Firm can help walk you through what considerations to factor if filing jointly.
Single Filing
The main advantage for filing individually is that any separate property (inheritance, property acquired prior to marriage, lawsuit settlements) of the spouse who is not part of the petition will be able to keep those assets. If you are considering filing bankruptcy as an individual, the other spouse may not be liable for his or her debts if they were acquired during the marriage and still listed in the case bankruptcy.
Again, if you and your spouse are considering filing bankruptcy, the complexities can be frustrating to work through on your own. With two convenient locations – Metairie and New Orleans, the offices of Grand Law Firm can ease your burden and help you make informed decisions about your future.
Contact us via phone right away to for a free initial consultation with a bankruptcy lawyer in New Orleans at the Grand Law Firm. Relief from the mounting pressure could be just a phone call or email away. Contact us today.