Top bankruptcy lawyer Bryan Keenan founder of Bryan P. Keenan & Associates, PC in Pittsburgh, PA Explains whether individual bankruptcy affects only the filer or also the non-filing spouse's credit For more information please visit https://bryankeenanattorney.com
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Debt problems can have a paralyzing effect on couples, but there may well be a way through the financial nightmare, bankruptcy attorney Bryan Keenan said this week.
For more information please visit https://bryankeenanattorney.com
He has outlined the impacts of bankruptcy on the individual seeking it, from their partner's perspective, and if a married couple opts for a joint filing.
"Each spouse is a separate and distinct legal entity with their own credit report," assured the founding partner of Bryan P. Keenan & Associates in Pittsburgh, PA.
He explained that for someone who is struggling with debt and decides to file for bankruptcy, it will only affect them. If the debts are solely in their name, bankruptcy will not impact a non-filing spouse or their credit score.
"You can go at it alone and file for individual bankruptcy," he said. "However, this raises questions about the potential effects on a non-filing spouse.”
He explained that if a spouse has guaranteed on any of their partner’s debts, then the non-filing spouse will remain liable for those debts if their partner files for bankruptcy.
Keenan said that creditors can solely pursue the non-filing spouse for repayment, even though filing for bankruptcy discharges that person of responsibility for the debt.
"Couples need to sit down and think things through as the impact of a bankruptcy could be felt on both in different ways," he highlighted. "Although the non-filing spouse will remain legally liable, if the payments are current and remain current, then the non-filing spouse's credit report will not be impacted."
When a couple has a joint debt and is struggling to complete payments, it might be advisable to file for joint bankruptcy.
Keenan cautioned that a couple getting married and thinking of consolidating their debts must carefully consider the potential impacts this decision could have. If one spouse is struggling with debt, then a bankruptcy should be considered before getting married.
He said: "Taking that decision to consolidate a debt in both names means that both parties would now become legally responsible for that loan or debt. If the couple splits and one stops payment, the creditor or lender will look to the other party for full payment, which could have serious financial implications.’’
"Couples thinking of consolidating may want to keep their personal debts separate and avoid any potential crossover on the other spouse. If a couple does divorce, then a joint debt means they are both liable. And if a partner does file for bankruptcy, that debt will fall on the shoulders of the ex-spouse."
Keenan urged: "If you are in debt and concerned about the potential repercussions on your spouse, particularly if you intend to file for bankruptcy, then seek advice from a seasoned bankruptcy attorney about the impacts of the process."
Source: http://RecommendedExperts.biz
Contact Info:
Name: Bryan Keenan
Email: Send Email
Organization: Bryan P. Keenan & Associates
Address: 993 Greentree Rd #101, Pittsburgh, PA 15220,
Phone: 412-922-5116
Website: https://bryankeenanattorney.com
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