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Frisco bankruptcy lawyersIt is a common belief that being married means that you will automatically be responsible for any debt that either of you incurs. While it may be true that the property you acquire during your marriage could be considered joint assets, the same is not always true regarding debts. In fact, in most cases, you can  only held be responsible for your partner’s financial obligations if both of your names are used when incurring the debt. As a result, it is not terribly unusual for just one spouse to file bankruptcy on his or her own, leaving his or her spouse’s name off the filing. Many such situations occur when only one spouse is struggling with debt and in need of a fresh start. A qualified bankruptcy lawyer from The Page Law Firm can help you determine if filing without your spouse is the right choice for you.

Community Property

As you determine whether to file bankruptcy with or without your spouse, you need to look at the big picture. Texas is known as a “community property” state, which means that most, if not all, of the property that you and your spouse acquire during your marriage is considered to be jointly owned by both of you as the “community.” Therefore, when you file for bankruptcy—even in your name alone—you will list all of the assets that you are your spouse own jointly.

File Jointly or Individually?

The decision to file bankruptcy individually or jointly with your spouse will depend on the specifics of your unique situation. In a community property state such as Texas, it is important to consider how the filing will affect your spouse. Filing for bankruptcy together can offer a variety of benefits, including the elimination of many of your joint debts.

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Frisco bankruptcy lawyerHave you made a New Year’s resolution to get your finances in order in 2021? Maybe you lost your job as a result of the COVID-19 pandemic and shutdowns. Or, maybe you relied heavily credit cards as you tried to make ends meet for your family, and now you are feeling overwhelmed by debt. At The Page Law Firm, we realize that the road to financial recovery may include filing for bankruptcy.

Of course, the decision to file for bankruptcy is not one that is easily made. Moreover, the days, weeks, and months following the decision can also be difficult. There may be feelings of fear or concern. Fortunately, we are here to help alleviate some of that stress by providing the guidance and assistance you need.

Start by Contacting an Attorney

While there are many steps to take during the bankruptcy process, your first should be to contact an experienced bankruptcy lawyer. Not only does this help you prevent missteps during the bankruptcy process, it can expedite the next steps. Contacting our firm can get you on your way to less stress from the creditor calls and collection letters. 

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Choosing Whether to File for Bankruptcy Before or After DivorceDivorce and bankruptcy are both legal processes that can help you reconstruct your life. In some cases, people need both divorce and bankruptcy at the same time. In fact, either one can lead to the other:

  • Financial stress can cause conflict in a marriage; or
  • Divorce can be expensive and leave each side with less income to use towards debt repayment.

If you know you are likely to file for both divorce and bankruptcy, choosing which one you do first can affect how your bankruptcy case is settled and which form of bankruptcy you qualify for.

Bankruptcy Before Divorce

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Collin County bankruptcy lawyerBefore a debtor can file for bankruptcy, they must complete a pre-bankruptcy credit counseling session with an approved provider. Sadly, most simply see this as a part of the process when, in fact, it is a prime opportunity. In fact, for some, the pre-bankruptcy counseling session could be exactly what is needed to avoid filing for bankruptcy. However, even when that is not the case, debtors stand to learn a lot about their financial future. Learn more about how to make the most out of your pre-bankruptcy credit counseling session, and discover how an experienced attorney can assist you with the bankruptcy process.

What Happens During Pre-Bankruptcy Credit Counseling?

Although pre-bankruptcy credit counseling sessions may vary slightly in their curriculum, all include an analysis of your current financial situation, a discussion on what alternatives may be available to you, and a personal budget plan. Debtors may be asked to complete these elements of the course over the phone, in person, or online. Once the debtor has completed the course, they should be issued a certificate of completion. (Note that debtors should not be charged an additional fee for their certificate of completion.)

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National Association of Consumer Bancruptcy Attorneys State Bar of Texas
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