When two people come together with the intention of sharing their lives and futures, most of the thoughts and discussions tend to focus on marital bliss and dreams of family. However, sometimes single people have a financial history that is less than ideal. Before two people marry, they need to make decisions about existing debts and obligations that can impact their married financial future.
Once it’s time to tie the knot, you have to make decisions about how you want to start your future together. Once you get married, your individual current debts become intertwined to the same extent as your incomes. This is why the importance of filing bankruptcy before marriage cannot be stressed enough when one person has significant debt and the other does not. It could be best for both parties if the one with debt problems has them discharged via bankruptcy before the wedding.
Bankruptcy After Marriage vs. Before Marriage
While it is possible to file bankruptcy after you are married, by then it will be best to file as a couple. In most states, once you get married your debts are shared, so if only one of you files bankruptcy, the creditor may still be able to seek payment for the debt from the person who did not file. In order to be protected, you would need to file as a couple. Click here to read more about Chapter 7 bankruptcy (http://www.zerodownbankruptcy.com/chapter-7/).
Filing Bankruptcy as a Single Person
As a single person, the only income that will be considered is your own. If the debts are too much for one person at your income level to manage alone, then the courts are more likely to discharge that debt. This leaves you free to enter into your marriage without burdening your partner with debt that you acquired on your own, before you were even together. Get more information about debts and bankruptcy here (http://www.zerodownbankruptcy.com/bankruptcy-news/debt/joint-debts-in-marriage-bankruptcy/).
Start Your Marriage with a Clean Slate
One of the leading issues that tears couples apart is finances. It can be a source of multiple arguments and often results in a divorce. Rather than take that chance, it may be a better idea to try and wipe your slate clean before you get married. This is especially true if you are planning to marry someone who has managed his or her finances successfully and is not overburdened by debt. Bankruptcy can be a chance not only for you to have a fresh start as an individual, but it can also give the couple you wish to be a part of a stronger chance for a successful future together.
Please share this post online with friends and family members who may be considering whether they should file bankruptcy before their marriage.
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Joint Debts in Marriage and Bankruptcy
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