When collectors won’t stop calling and lenders keep sending mail, it’s easy to feel like you’ve hit a dead end. Luckily, bankruptcy law is here to help those who are struggling financially. If you’re married, your filing process may differ from single individuals. To learn more about what you can expect, consult the list below.

3 Facts Married Couples Should Know About Bankruptcy Law

1. Filing Together May Help

As a married couple, you have the option of filing for joint bankruptcy, but you can also file as an individual. With joint bankruptcy, you’ll have the advantage of erasing all of your debt as a couple. This means you can save time by attending one set of hearings, not two, and you can save money by only paying one court filing fee. You may even be able to save money by hiring a lawyer for joint bankruptcy, as they’ll have less paperwork to do.

2. Filing Alone Will Protect Your Spouse’s Credit

On the other hand, you don’t have to file a joint bankruptcy just because you’re married. If you’re in desperate need of debt relief and don’t have a substantial amount of income, but your spouse is doing well financially, it might be worth it to file individually. That way, you can erase your own debts without lowering your spouse’s credit score. If you both have a low score, it will be much harder to lease property or get a loan down the line.

3. You’ll Still Need to Disclose Your Spouse’s Income

If you decide to file alone in hopes of preserving your spouse’s credit, know that you can’t keep their financial standing a secret. You’ll have to disclose their income on your bankruptcy petition if you share the same household. If their income is too high, you may be ineligible for Chapter 7 bankruptcy. However, a bankruptcy law attorney can help you adjust their relevant income by deducting their personal expenses through the marital adjustment deduction.

If you’re married and have decided to pursue debt relief, turn to Law Offices Of Harry G. Lasser today. This Cookeville, TN-based attorney has more than 20 years of experience in bankruptcy law, so he can help you decide which Chapter and filing status is right for you. The firm has multiple local offices, so it will be easy to find face-to-face help when you need it. For more information on their offerings, visit the website, or call (931) 372-9988 to schedule a free consultation today.