is bankruptcy the right move for you?is bankruptcy the right move for you?

About Me

is bankruptcy the right move for you?

Are you in financial trouble? Do you know what your options are for getting yourself out of that financial trouble? Unfortunately, it doesn't take a whole lot to mess up the financial stability in a household, but it can take a lot of work and decision making to resolve it. Have you considered filing for bankruptcy? This was one step that I never imagined I would have to take, but have recently had to go through the process due to an illness that prevented me from working for several months. If you are considering bankruptcy, take a moment and visit my website, where you will find a plethora of information that can help you.


4 Times When A Widow Or Widower May Need To Declare Bankruptcy

The loss of a spouse is a heart-wrenching time. Unfortunately for some widows and widowers, financial challenges must be dealt with even as they grieve. 

Could your financial recovery from the loss of your spouse include bankruptcy? The answer may be yes. If you find yourself in these situations, you may benefit greatly from declaring personal bankruptcy even though it's difficult. 

Your Name Is on a Debt

The good news for surviving spouses is that you're not generally obligated to pay your partner's individual debts just because you were married. 

However, it's a different matter if you signed the debt agreement as well. As a co-borrower or even a co-signer, your spouse's creditors may come after you for the full amount borrowed if they cannot get it from the estate. Bankruptcy protection will halt this. 

You're In a Community Property State

States generally follow one of two principles about who owns which assets in a marriage. Community property states split assets between the partners regardless of whose name is on the title or deed. 

This puts some surviving spouses at risk of losing their assets if a creditor tries to get access to their late partner's equity in that asset. If you cannot afford to pay off that equity, you may lose the asset if you do nothing. 

You Need Help Keeping a Home

Your home — and possibly your children's home — is often one of your most important assets right now. You deserve the stability and haven it may provide. But be realistic about your ability to keep making payments on that home without your spouse. 

If keeping that property is now too hard, Chapter 13 bankruptcy could help. Rather than liquidating assets, it permits you to set up a repayment plan to pay off as much unsecured debt as you can over several years — while allowing you to reaffirm secured debts to keep those assets. 

Your Spouse Paid Your Debt

Finally, what help did your late partner's income provide with your own financial struggles? Were they paying one or more of your debts for you? Did you rely on their income to cover household expenses while you paid your debt? 

There's no shame in partners helping each other out. But now that you're on your own, honestly assess your ability to do it all alone. Seeking bankruptcy protection for your own debts could provide the relief you need right now. 

Where to Start

Are you in any of these situations? If so, start protecting yourself and your future now by meeting with a bankruptcy lawyer in your state today such as Ricardo B. Casas.