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If you live in the Milwaukee, Wisconsin area and are considering Milwaukee bankruptcy, we recommend you contact a bankruptcy expert - he/she will review your situation, advise you about your options, and help you choose the one that is best for you. The article below is provided by our bankruptcy attorney in Milwaukee.
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Should husband and wife file for Milwaukee bankruptcy together?
One of the most common questions we get in Milwaukee is should a husband and wife file a joint personal bankruptcy, or should they each file individually?
In most marriages, both wife and husband borrow together. As an example, when they go to buy their first house, the mortgage company will probably require both the husband and the wife to sign for the loan.
A more common example would be a joint credit card. One spouse applies for a credit card, and the credit card company suggests you get a supplementary card for the other spouse. That is a good example of a joint debt, which is a debt that is the responsibility of both the husband and the wife.
Borrowing together makes sense, because by borrowing together you can probably qualify for amounts that you could not get on your own.
Unfortunately, when you get into financial trouble, both husband and wife get into financial trouble at the same time. If the wife loses her job, the entire family is affected by the reduction in income.
This reduction in income can lead to the need to filing for Milwaukee bankruptcy.
If both spouses have the same debts, it is possible to file a joint bankruptcy.
Each person who goes bankrupt must bear the costs of the bankruptcy, such as court filing fees and professional fees. Married debtors can file a joint bankruptcy petition for a single filing fee, and most attorneys charge the same legal fee for joint cases as they do for individual cases. Married couples who are jointly liable on most debts may file a joint Milwaukee bankruptcy.
However, if only one spouse is liable on most of the debts, the spouse with the debts may file an individual bankruptcy, and in most cases, the individual debtor's bankruptcy will have no adverse effect on the non-filing spouse.
For more information, please contact our bankruptcy in Milwaukee today.
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