Tag Archives: #BankruptcyLaw

What Will My Life Be Like After I File Bankruptcy?

Most people who have never filed for bankruptcy do not know what to expect from the process. Bankruptcy can offer people relief from their financial struggles, even issues involving student loan and income tax debt, and it enables them to regain control of their financial future. However, there has always been this stigma surrounding bankruptcy, as if filing for bankruptcy means you have failed somehow and you should be ashamed, which could not be further from the truth. In many cases, people are struggling financially due to circumstances out of their control, such as job loss, divorce or medical debt from a sudden illness. Bankruptcy is a legal tool that offers you a chance to fix your financial troubles so that you and your family no longer have to struggle. Obviously, life will be different following bankruptcy, but that is not necessarily a bad thing. What Do I Need to…
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Can My Spouse Be Held Liable for My Business Debts?

If you are married and filing for bankruptcy for a business, you might wonder if the bankruptcy will affect your spouse. The short answer: it is complicated. You and your spouse could hold personal liability for business debts if your business structure does not offer limited liability. This usually is the case for sole proprietors of businesses or general partners. Debt liability for your spouse occurs the same way it would for personal debt: if you and your wife are general partners, both of you will be responsible for debts. If you are a limited partner, however, or your business is a corporation or limited liability company, your spouse is likely not responsible for debts. If you and your spouse are cosigners for a business debt, you are responsible for paying that debt back, even if your business provides limited liability. Even if your spouse is not a cosigner, he…
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