Law Office of Judith A. Descalso Law Office of Judith A. Descalso

Making the right choice about bankruptcy as a married couple

Like it or not, we all have to make difficult decisions at some point in life. Whether it concerns our health, our family or our finances, most people will take the time to talk with someone they trust before they come to a final decision. For married couples, things a bit easier, as a husband and wife can openly discuss the problems they are going through and come to a decision that they both agree is the best approach going forward.

When it comes to the decision on whether or not to file for personal bankruptcy, married couples have quite a bit to consider. Most importantly, however, is if both spouses will file for bankruptcy jointly, or if only one will file.

Probably the only way to come to a sound decision on this important question is to consider how the family finances are structured. Do the spouses have separate banking accounts and separate property? Does one spouse have a better credit score than the other? These questions, among quite a few others, need to be addressed in the decision making stage for married couples who are considering the benefits of Chapter 7 bankruptcy.

At our firm, we attempt to help married couples come to a decision that will put both individuals in the best position financially. We talk with our clients about their options, no matter whether or not the couple is planning to stay together or get divorced. Couples who would like to learn more about our firm's approach to navigating this type of tricky situation can visit our website.

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