QUESTION
Is bankruptcy before marriage a good idea?
Asked on Mar 31st, 2011 on Bankruptcy - California
More details to this question:
I owe 40K in credit card debt and only can afford to make minimum payments. I'm getting married is bankruptcy a good idea? My fiancee has good credit.
6 ANSWERS
Whether or not bankruptcy is right for you depends on your individual facts and circumstances. To help you decide, I would need detailed information about your assets, debts, income and expenses. If you are going to file bankruptcy, it is a good idea to do it before you get married so as to avoid any adverse impact on your spouse.
Answered on May 17th, 2011 at 9:42 AM
Bankruptcy Attorney serving Cleveland, OH
at
Benson Law Firm
Update Your Profile
If you want to discharge the $40K in credit card debt and you qualify for a Chapter 7 on your own, you may want to file as soon as possible. If you were to get married and your combined income with your new spouse exceeded the median for your locale and family size, you would most likely have to file a Chapter 13 and enter into a 5-year payment plan to address your debt. This is worth a free consultation with a qualified bankruptcy attorney.
Answered on Apr 08th, 2011 at 9:23 AM
Alternative Dispute Resolution Attorney serving Ventura, CA
at
Zahn Law Office
Update Your Profile
Filing now will wipe the slate clean and protect her good credit. It is a reasonable idea to pursue. If you are in my area, please contact me for a free consultation.
Answered on Apr 04th, 2011 at 10:42 AM
Geoffrey C. Nwosu
This is actually a personal decision that you have to make. However, it may be a good idea to file Chapter 7 bankruptcy and elimonate all your unsecured debts before marriage. Filing chapter 13 means that you will still be making the payment during your marriage. Please consult with a bankrupcty attorney to see how this will affect you. Many factors like income or Community property system in your state may affect your decision.
Answered on Apr 04th, 2011 at 9:58 AM
Whether bankruptcy is "good" for you or not is highly dependent on your unique situation. For many people, bankruptcy is a good idea prior to marriage to get things cleaned up and get a fresh start going into the marriage; however, this may or may not be true for you. You should seek the guidance of a local bankruptcy attorney to explore your options.
Answered on Apr 04th, 2011 at 9:33 AM
Bankruptcy Attorney serving Hayward, CA
at
Carballo Law Offices
Update Your Profile
Yes, it would be better because otherwise your spouse's income would have to be reported and you might not qualify for Chapter 7. Also, you do not need to worry about the issue of community property. Most importantly, you can go into the marriage free of debt and don't have to worry about having your spouse's savings being taken through a levy of a joint bank accounts.
Answered on Apr 04th, 2011 at 9:29 AM