{"id":1228,"date":"2019-12-18T16:13:36","date_gmt":"2019-12-18T22:13:36","guid":{"rendered":"http:\/\/www.mankatobankruptcy.com\/blog\/?p=1228"},"modified":"2019-12-18T16:20:30","modified_gmt":"2019-12-18T22:20:30","slug":"newlywed-joint-debt-relief","status":"publish","type":"post","link":"https:\/\/www.mankatobankruptcy.com\/blog\/newlywed-joint-debt-relief\/","title":{"rendered":"Newlyweds Using Joint Bankruptcy to Find Debt Relief in Mankato, MN"},"content":{"rendered":"\n

When people find themselves in a relationship with the person they want to spend the rest of their life with and they decide to take the next step into marriage, not much will stop them from tying the knot. Even something such as financial circumstances, which can be considered relatively trivial in the grand scheme of life, will be unlikely to prevent a marriage if a couple is truly determined. This means that many couples enter a marriage with substantial debt, low incomes, or otherwise less-than-stable finances. If you and your spouse are finding it difficult to pay your debts, bankruptcy might be the next step to finding long-term financial improvement. With the help of Behm Law Group Ltd., you and your spouse can file a successful joint bankruptcy<\/a> case and receive effective debt relief in Mankato, MN.<\/p>\n\n\n\n

Individual consumer bankruptcy chapters, including Chapter 7<\/a> liquidation and Chapter 13 reorganization type<\/a> bankruptcies, can also be filed jointly by a married couple. Joint filings allow the combination of both your and your spouse\u2019s debts into one case, requiring only one each of the pre-bankruptcy requirements, including the meeting of creditors, Means Test, credit counseling, and more. In addition to the consolidation of two of each pre-bankruptcy requirements into one, the bankruptcy fees are the same for individuals as for joint-filing spouses. This cuts in half the amount you and your spouse would pay if you each filed for an individual case. <\/p>\n\n\n\n

If you choose to file a joint bankruptcy,\nall your financial information will be combined into a report that essentially\nrepresents as a single filer. Your assets (properties) and liabilities (debts)\nwill be combined, and both of your incomes will be taken into consideration.\nFor most joint filers, we recommend considering Chapter 13 more seriously than\nattempting to file for Chapter 7 for two reasons: eligibility and exemptions. <\/p>\n\n\n\n

With a higher income from your combined\njobs, accounts, or any other sources, you may not qualify for Chapter 7 because\nyou may not pass the Means Test. The Means Test assesses your income-to-debt\nratio. To be eligible for Chapter 7, your income-to-debt ratio must be lower\nthan the state median of a similar household. Additionally, you can only claim\nthe same exemptions of an individual filer. This means you may not be able to\nprotect some of your property from liquidation in Chapter 7 because your debts\nare higher, your assets are more valuable, but your exemptions are not adjusted\naccordingly. <\/p>\n\n\n\n

Filing for joint Chapter 13<\/a>, however, means you save money in bankruptcy fees and attorney costs, save time on pre-bankruptcy requirements, have an easier time meeting repayment plan requirements with both of your incomes, and can pay off your plan more quickly than you would as two individuals. <\/p>\n\n\n\n

To learn more about joint bankruptcy and debt relief in Mankato, MN, contact Behm Law Group Ltd. today at (507) 387-7200<\/a> or via email at stephen@mankatobankruptcy.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

When people find themselves in a relationship with the person they want to spend the rest of their life with and they decide to take the next step into marriage, not much will stop them from tying the knot. Even something such as financial circumstances, which can be considered relatively trivial in the grand scheme […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"aioseo_notices":[],"yoast_head":"\nNewlyweds Using Joint Bankruptcy to Find Debt Relief | Behm Law Group<\/title>\n<meta name=\"description\" content=\"If you and a new spouse find yourself stuck in a financial rut, consider joint bankruptcy for getting debt relief fast. Behm Law Group helps walk you through the process. 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