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Levitt & Slafkes, P.C. - Essex County Bankruptcy Attorneys

Get The Fresh Start You Deserve

Levitt & Slafkes, P.C. - Essex County Bankruptcy Attorneys
GET THE FRESH START YOU DESERVE

PLEASE NOTE: To protect your safety in response to the threats of COVID-19, we are offering our clients the ability to meet with us virtually. Please call our office to discuss your options.

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Bankruptcy &
Debt Relief For
Individuals and
Businesses

Chapters 7, 11
and 13

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Foreclosure
Defense &
Mortgage
Litigation

Saving Homes
Fighting Banks

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Loan
Modifications

Preventing
Foreclosure

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Commercial and 
Bankruptcy
Litigation

State Federal &
Bankruptcy Court

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Bankruptcy & Debt Relief For
Individuals and Businesses

Chapters 7, 11 and 13

Find Out
More

Foreclosure Defense &
Mortgage Litigation

Saving Homes Fighting Banks

Find Out
More

Loan Modifications

Preventing Foreclosure

Find Out
More

Commercial and Bankruptcy
Litigation

State Federal &
Bankruptcy Court

Find Out
More

Married Couples Filing Bankruptcy in New Jersey

| Jun 26, 2013 | Bankruptcy Basics |

If you are considering filing a Chapter 7 or Chapter 13 bankruptcy and you are married, you must decide whether you will file jointly as a married couple or if only one of you should file. There are numerous factors to consider in making this decision. For example:

  • How debt is held. If the majority of your debt is owed by only one spouse, it may be beneficial for only that individual to file a case. It would allow that spouse to discharge all of the debt held solely in his/her name as well as his or her share of the joint debt. If only one spouse files a case, the non-filing spouse remains liable to pay the debt held jointly, as well as his or her own personal debt.
  • How assets are held. Another important factor to consider is how assets are held under the applicable state law (equitable distribution or community property). New Jersey is an equitable distribution state. It is also essential to determine how title to the property is held (ie: joint tenancy, community, etc.).
  • No transfers. A debtor cannot transfer property to his/her spouse before filing a bankruptcy case to prevent the asset from being included in the bankruptcy. This would be considered a fraudulent transfer. If the transfer of property is determined to be fraudulent, then the property will be considered an asset of the bankruptcy estate and you could be in big trouble for trying to exclude it.

It is important that you discuss filing jointly or separately with your bankruptcy lawyer at Levitt & Slafkes, P.C. If you are interested in learning more about bankruptcy cases or how filing one can benefit you, contact Levitt & Slafkes, P.C. We are experienced in handling a variety of bankruptcy issues. Our offices are conveniently located in South Orange, New Jersey. Please call us at 973-323-2953 or online to schedule your free initial consultation today.  

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