When it comes to marriage and financial affairs many couples risk divorce because of overwhelming debt and financial troubles.  As anyone who is married can attest to, marriage and debt can often be a volatile mix.  But blaming your spouse for your financial problems can be counterproductive and even destructive to your relationship even if it really is their fault you’re in debt. Unfortunately, it is the …

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… and negatives, but if you live in Texas you have to abide by them.

When the subject of marriage and bankruptcy comes up, the next thing often mentioned is community property.  Depending upon where you live, this may or may not mean anything to you, but Texas is one of nine states that adheres to the community property rules.    An article on the associated content website talks about the details of what community property is.

The article says:

“All property and …

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… allows the transfer because the court noted that it was made in an attempt to save the debtor’s marriage not defraud creditors.

The details of the case:

The debtor was a real estate agent. Prior to filing for bankruptcy, his solely owned business had acquired 22 properties, all of which were subject to mort¬gages that he personally guaranteed. The debtor’s financial problems began when the interest rates on those mort-gages started adjusting upward. The debtor’s wife, who did not …

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… your fresh financial start is being honest with your spouse. Even if you need to work with a marriage counselor to break the news to your spouse, it is much better than the alternative.

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… state which means that property in which both spouses own shares and property acquired during the marriage is considered “community property.” Community property only exists within marriage. What does this mean for a spouse considering bankruptcy?

Married couples where one or both spouses are considering bankruptcy must carefully weigh whether they should file jointly, separately or if only one spouse should file bankruptcy. The amount of community property involved will weigh heavily …

Tags: Bankruptcy Community Property Law Marriage Texas

… your life and stress you into significantly worse decisions that could permanently affect your marriage, talk to a bankruptcy attorney about how to get control of your debt.  You and your spouse can meet with the bankruptcy attorney together to review what your debt issues are and the best type of bankruptcy for your situation.  A good bankruptcy attorney can also help you decide whether you should both file for bankruptcy.  Even though both spouses may participate in a bankruptcy …

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… from their calls and letters.  This act alone can usually help alleviate debt-related stress in a marriage.

Misconception #3 – Filing bankruptcy will rob you of your peace of mind.

It is not bankruptcy that robs you of peace of mind; it is the constant harassment of creditors seeking payment that can keep you awake at night.  Wage garnishments, lawsuits and collection agents all rob debtors of peace of mind. Bankruptcy can restore your peace of mind and help you get back on track …

… financial disaster.  And according to an article in Sawf News, it isn’t just Jon and Kate’s marriage that’s on the rocks. Many sources suspect that the couple may need to file bankruptcy to get relief from the financial chaos surrounding them.

The article said:

“Jon and Kate Gosselin have a $720,000 outstanding mortgage payment on their $1.12 million estate in Wernersville, Pa, and they probably owe money on their previous house…the estranged couple’s previous property …

In the Chapter 7 bankruptcy case of Taylor, Anthony; In re, the bankruptcy court dismissed the debtor’s case because it was ruled abusive of the bankruptcy system.

The details of the bankruptcy case:

“The Chapter 7 debtor admitted that his case was presumptively abusive, but argued that he needed to file due to the impending foreclosure sale of his former marital residence. When …

… wife’s car hers and your car yours.  However, in Texas, if both cars were purchased during your marriage, they are both probably considered community property and you both own them, (even if your spouse strong objects to the classification).  The result will be similar in other community property states.  If you’re not sure about your ownership status, err on the side of caution and review all items with your bankruptcy attorney.  He can guide you through what is considered joint and …

According to an article in the Star-Telegram , job losses may take an extra toll on those who are married as opposed to their single counterparts.

The article said:

“Unemployed husbands and wives reported experiencing stress more often than single job seekers, 81 percent to 51 percent respectively, according to a recent survey.”

The survey also found that more than one-third of …

… repayment.

If you are unable to pay your credit card debts (or other debts) accumulated during a marriage, you may be able to discharge the debts in bankruptcy. Contact a Dallas-Fort Worth bankruptcy attorney to discover your bankruptcy options.