- June 29, 2021
- Thomas Adam
- Bankruptcy
A person can file bankruptcy without their spouse. Whether or not this is a good choice depends on the laws in your state and the individual circumstances in your case. Florida is a “common law” state (as opposed to a “community property” state). In a common law state like Florida, debts that you and your spouse co-sign for result in your sharing these debts jointly. With few exceptions, debt taken on individually by one spouse generally remains that spouse’s responsibility alone.
Whether your debts relate to real estate, furniture, personal loans, credit cards or other borrowing, a Jacksonville bankruptcy attorney can help you sort through these debts and decide how best to proceed.
Reasons You Might Want to File Bankruptcy Without Your Spouse
- You want to preserve your spouse’s positive credit score.
- You signed a prenuptial agreement to keep all finances separate.
- All the debt is in your name.
- You are filing for divorce.
- Your spouse is about to receive an inheritance.
- You spouse is not eligible to file bankruptcy because he/she has filed bankruptcy in the past.
These are just a few of many reasons why you may want to file bankruptcy without your spouse. What’s important is to choose the best financial path forward for your unique circumstances. One size does not fit all when it comes to bankruptcy.
If all of this feels a bit overwhelming, the truth is it can be. That’s where a skilled and experienced Jacksonville bankruptcy lawyer becomes a real asset. He or she can provide some basic bankruptcy information, answer your questions, explain your options, and help you choose the right bankruptcy for your situation. To find out more about how Adam Law Group can help, call us for a free initial consultation at 904-329-7249. We’re here to help.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy involves the liquidation of all of an individual’s non-exempt assets in order to satisfy the claims of creditors. The successful completion of a Chapter 7 bankruptcy will result in a discharge of the individual’s debt. Once it is discharged, the individual cannot be compelled to repay the debt and no action can be taken to collect the debt.
Once we file your case, the automatic stay protection is immediately invoked. This means that all of those harassing and intimidating phone calls from creditors will cease. This provides great peace of mind for many of our clients. The automatic stay will stop all further collection activities against you throughout the duration of the bankruptcy process. Once the stay is invoked, it is against the law for creditors to continue sending you letters or making harassing phone calls. If any lawsuits have been filed (including foreclosure), they will be immediately stayed or postponed, too. A skilled Jacksonville Chapter 7 bankruptcy attorney can file the paperwork needed to protect you from creditors.
In many cases, debtors can keep their vehicles and homes, provided there is not excess equity above governing exemption laws. The Chapter 7 Trustee is entitled to take possession and ownership of all of the debtor’s property that is “non-exempt.” Non-exempt property includes all assets of the debtor that cannot be claimed as exempt under governing exemption law. Florida, like a host of other states, does not allow residents to use the federal bankruptcy exemptions. Instead, Florida requires its residents to use the Florida bankruptcy exemptions. Fortunately for Floridians, Florida’s bankruptcy exemptions are widely regarded as being favorable to its residents. Florida bankruptcy exemptions include unlimited exemptions for homestead, annuities, and the cash surrender value of a life insurance policy. However, it should be noted that mortgage liens on the real estate remain valid in a Chapter 7 bankruptcy.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a reorganization plan which allows you to restructure and pay off your debts over a period of three to five years. Chapter 13 has been called the “wage earner’s” bankruptcy, because you need to have a steady source of income to qualify.
Based on the U.S. Bankruptcy Code, Chapter 13 may be right for you if you are in a situation where you wish to keep valuable assets, like a home, and you are earning enough money to repay some of your debts over a period of time. To determine whether Chapter 13 is your best option, the Jacksonville bankruptcy attorneys at Adam Law will examine the assets that you wish to keep and your income to make sure you qualify.
Reasons to choose Chapter 13:
- You will be able to consolidate and simplify your payments.
- You will be able to keep your house.
- It may protect co-signers on your debts.
- You may be able to eliminate unsecured debts.
- It does less damage to your credit reports.
Can I file bankruptcy without my spouse knowing?
If you’re wondering “How can I file bankruptcy without my spouse knowing?” – then there are lots of things to consider. First and foremost, it’s usually not a good idea to keep something as big as bankruptcy a secret from your spouse. Depending on how you file, you could inadvertently leave your spouse on the hook for some outstanding debts. If you’re considering filing bankruptcy without your spouse knowing, it’s best to consult a bankruptcy attorney first.
How much does Adam Law Group charge for filing bankruptcy?
Our firm offers very affordable options for filing bankruptcy. We have some of the most competitive rates in the region.
We offer $0 down-payment Chapter 7 bankruptcy filing with low monthly payments starting at only $189/month. Our affordable Chapter 7 bankruptcy fees begin at $1,500 total for a simple filing and may increase from there depending on the complexity of a case. The Bankruptcy Court charges a filing fee of $335 for bankruptcies. In addition, you are required to complete a credit counseling course before filing ,which costs approximately $15.
Our retainer fee for Chapter 13 bankruptcy starts at just $350. The total cost of a Chapter 13 bankruptcy depends on the complexity of your case, the amount of time involved in preparing documents, and other factors unique to your situation. In addition to offering a low retainer for Chapter 13 cases, we have a virtual filing option where we can do the consultation, paperwork, and document gathering to file the case by phone and email.
Call Adam Law Group Today
At Adam Law Group, our family-oriented staff is always friendly, approachable and judgment-free. We understand that even the most responsible, hardworking individuals sometimes face insurmountable debt through no fault of their own due to job loss, unexpected illness or other economic headwinds. We will file your case immediately, without waiting for all payments. To find out more about how we can help, call us at 904-329-7249 for a free initial consultation. We can help you make a fresh start and put you on the path to a brighter financial future!