Marital Status and Bankruptcy – Best to Plan Ahead

Marital status can make a big difference in a bankruptcy case.

There’s a certain amount of rejoicing in these parts over the events at the Minnesota legislature yesterday which appear to make legalization of gay marriage a certainty in this state probably by next week. I assume that we will have a lot of people who are now legally single soon becoming legally married.

I find myself thinking about all the times a married person has come in to see me about a bankruptcy and wanted to file individually and not jointly.  I had to explain that for a married person it is usually best to do it jointly.  When a married person insists on filing individually, I will often just refuse to take the case.  I’ve actually done quite a few individual filings for married people, but I usually don’t want that case unless there is a really compelling reason to not file jointly. The probability of something going wrong in such a case is multiplied by a factor of I’m not sure what – but by a substantial factor. I don’t consider “but my wife has such a good credit score” to be a compelling reason.

For anybody thinking about both marriage and bankruptcy, you might want to consult with a competent lawyer concerning whether it would be best to file the bankruptcy before or after the wedding.

Speak Your Mind

*

close
Facebook IconYouTube IconTwitter Icon