How Will Bankruptcy Affect Your Family?
When considering bankruptcy you should take a close look at how filing will affect your family.
In many cases, bankruptcy helps secure a more stable financial future for your family. Depending on your situation, you’ll want to know exactly how your case will impact others, particularly if other family members are tied to your debt.
To get a free bankruptcy case evaluation with a local bankruptcy lawyer, simply complete the free form on this page. We’ll connect you right away so you can get the facts about bankruptcy and your family.
Family Issues to Consider Before Filing Bankruptcy
Debt isn’t always attributed to solely one person. Depending on how your bank accounts, credit cards and loans were structured then your bankruptcy case may be more complicated.
Common family issues that may affect your bankruptcy case:
- Joint debts owed in your name and your spouse’s name
- Family members who served as co-signers on a loan
- Personal loans from family members
- Child support owed
- Alimony owed
- Whether to file separately or jointly with your spouse
- Your family’s future financial goals
Bankruptcy is designed to protect families, and there are many provisions that are designed to help you secure your home for your family for years to come. Ideally, bankruptcy may provide a new, more stable foundation for you going forward.
But to get the fresh start, you’ll need to take a close look at how your family is tied to your debt.
To get answers directly, speak with a local bankruptcy attorney during a free case evaluation. Simply complete the form on this page to get started. Or, get more information at one of the helpful links below.
Here are some common family issues that arise when considering bankruptcy:
Divorce and bankruptcy
Learn about your options when struggling with debt and a marriage. If you owe debt money from a divorce, learn how bankruptcy may address it.
Filing bankruptcy while married
Should you file jointly or separately? The answer depends on how your debt is structured and your goals for the future. Get answers before you make a decision.
While members of the Armed Forces and their spouse may file bankruptcy there are extra factors to consider.
Debt and your parents
If your parents co-signed on a debt – such as a car loan, mortgage or even a credit card - your filing may affect them as well. Find out how. Also, your case may affect personal loans to members of your family.