Marriage And Bankruptcy

In today's society many married couples are filing for bankruptcy. The tough thing is to get to the bankruptcy filing without getting divorced. When a couple enters into a bankruptcy filing they take out their microscopes to look into what caused them to be in this financial distress. You see, one leading cause of divorce is financial infidelity. Whether you like it or not, marriage is a financial partnership as well as an emotional relationship. In most states, technically, individuals are not liable for their spouse's debts, except in states like California that are community property states. This is where the fighting begins, the husband thinks his wife spent them into the bankruptcy and the wife thinks the husband doesn't make enough money to maintain the household. Who's right? In this case, who really cares? The bottom line is you don't have enough money to pay your bills and filing bankruptcy will get you out of trouble. Men and women both are just as guilty of some sort of financial infidelity even as small as getting an expensive cappuccino every day, knowing that is a luxury that you shouldn't be spending money on, while hiding it from your spouse.

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Hopefully, a couple can stick it out and stay together even if they have to file for bankruptcy. Remember, being honest with each other goes a long way.

Here are a few tips to help:

Be open with your spouse and discuss major financial goals for your family. Sit down with your spouse and agree upon a family budget. This might help keep you out of bankruptcy. Put all your cards on the table and even discuss reviewing each other's credit reports. This will keep transparency as a priority in the relationship. Both you and your spouse should have full access to all financial and bank accounts. There is no need to have "my money". You are married and everything is 50-50.

Using these tips won't necessarily keep you out of bankruptcy, but having a good relationship with your spouse will allow you to work through a solution. In today's tough economy, sometimes it's necessary to file for bankruptcy to get out of debt. Don't let the pressure from the financial stress destroy your marriage. Holding each other up through the bankruptcy filing will give encouragement to each other to work through this. Get a bankruptcy attorney that you both can work well with to help you get through it. Just remember, if you decide to get a divorce, you will need two of everything. It's a lot cheaper to pay for one household, one bankruptcy attorney, one filing fee and no divorce attorney. It's easy to point the finger at your spouse, but remember when you point your finger at someone, there are three fingers pointing back at you. When financial troubles arise, don't fight about it, be proactive and consult a bankruptcy attorney immediately to find a solution that could put you on the road to becoming debt-free and happily married again.

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