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My fiance is considering filing bankruptcy how will this affect me?
I have been engaged to my fiancé for over a year, and had begun planning out wedding. However, they lost their job a few months ago, leaving them without any substantial employment to help support us, and they are now considering bankruptcy. If they choose to file for bankruptcy, how will it affect me?
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However, we’re worried about losing the house. Would we be able to keep the house after filing Chapter 13 bankruptcy or after filing Chapter 7 ban...This site does not provide legal advice and users of this site should not interpret any of the information presented here as legal advice. The information provided merely conveys general information related to commonly asked legal questions. We are not a law firm and the employees responding to questions are not acting as your legal attorney. You should ultimately consult with a Lawyer for your case.
Answers
Unmarried couples do not affect each other whatsoever in bankruptcy terms. Even if joint accounts are held, distinctions must be noted to the bankruptcy court to document the distribution of a joint account. In these cases, any debt cancellation will apply only to the individual filing for bankruptcy, leaving liability for the remainder with the other joint account member.
However, for married couples bankruptcy is more complex when only one spouse is choosing to file for bankruptcy. Each part of the couple’s financial circumstances must be evaluated through each spouse. In some cases there are major advantages to this, because one spouse may earn too high of a monthly income to pass the means test for Chapter 7 bankruptcy, or when filing for Chapter 13 bankruptcy, one spouse may have too much accumulated debt to qualify for the process.
This hassle can be avoided simply by filing together if possible, or in this case, by simply extending the engagement to go through the bankruptcy process.
Talk to a Bankruptcy Lawyer to find out what options you and your fiance have under bankrutpcy law.
Good luck.
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Posted by Greg Cohoat on 02 Jun 2010
1 person found this useful
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