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Bankruptcy Law: Should You Hire A Bankruptcy Attorney If Your Spouse Is Filing For Bankruptcy?

by Layla Bryant

Facing financial distress is frustrating and can be made all the more complicated when one spouse is also going through bankruptcy. In this situation, you may wonder whether you need to hire a bankruptcy attorney. The answer is maybe; it depends on your circumstances. Here are reasons why hiring a bankruptcy lawyer may be the best course of action for you and your family.

1. You Need to Understand the Bankruptcy Process

It can be confusing and intimidating if you have never been through the bankruptcy process before. A bankruptcy attorney can help explain the process to you so that you know what to expect and can make informed decisions as a family along the way.

2. You Have Complicated Financial Affairs

If you and your spouse have complex financial affairs, it's probably a good idea to hire an attorney to help with the bankruptcy process.

An attorney can help you untangle your finances and determine which assets are exempt from bankruptcy. They can also help you fill out the necessary paperwork and navigate the bankruptcy court system.

3. You're Self-Employed

If you're self-employed, then hiring a bankruptcy attorney is almost certainly a good idea. This is because the bankruptcy process is particularly complicated for self-employed individuals. An attorney can help you determine which debts can be discharged in bankruptcy and how to best protect your business assets.

4. You Have Non-Bankruptcy Options

If you're unsure whether bankruptcy is the right choice for you, then an experienced bankruptcy lawyer can help you explore your options.

They can provide guidance on alternatives to bankruptcy, such as debt settlement or credit counseling. And if you decide to file for bankruptcy jointly, they can help ensure the process goes as smoothly as possible.

5. You Need to Keep Your Home

One of the most common questions people have when their spouse wants to file for bankruptcy is whether or not they'll lose their home. The answer depends on a variety of factors, but a good bankruptcy lawyer will be able to advise you on the best course of action to take so that you can keep your home if at all possible.

Filing for bankruptcy is never easy, but it's especially difficult when your spouse is also going through the process. It's best to seek legal counsel if you find yourself in this situation. If you're feeling overwhelmed by the prospect of your better half going through bankruptcy, talk with a professional.

Contact a bankruptcy lawyer for more information.