If you are legally married and overwhelmed by serious debt, the decision to file bankruptcy can be more complicated. The experienced Albuquerque bankruptcy lawyers at Melwani Law will consider all the ways in which your married status might affect your bankruptcy case.
Joint and Individual Bankruptcy Claims
As a married person, you can file either joint bankruptcy, in which you and your spouse file together, or individual bankruptcy. There are advantages or disadvantages to both depending on the specific details of your financial situation. Important things to keep in mind include how long you have been married, the debts that each spouse brought into the marriage, the debts that have been accrued since marriage, and the income levels and the credit score of each spouse.
Debt and Marriage
Getting or being legally married does not automatically mean that your spouse’s existing debts become yours, too, and vice versa. A bankruptcy lawyer can help you determine which debts are yours specifically, which are your spouse’s, and which have been accrued together. Using this information and our thorough knowledge of New Mexico’s bankruptcy laws, we can help you determine whether a joint or individual bankruptcy filing is the better course of action.
Call Melwani Law today at 866-501-8500 for your free bankruptcy evaluation!
Property and possessions are another important consideration when dealing with bankruptcy. Since New Mexico is a community property state, whatever property you or your spouse has accrued during the marriage is considered to be jointly owned, while property either of you possessed prior to the marriage remains individually owned. The bankruptcy lawyers at Melwani Law can help you identify the status of your property and how best to protect it during bankruptcy proceedings.
Serious debt can cause a terrible strain on even the strongest of marriages. At Melwani Law, we are here to help. Please call us today at 866-501-8500 for a free initial consultation. You don’t have to face bankruptcy alone.