Tag Archives: chapter 7 bankruptcy

Bankruptcy Joint vs. Separate Filing

Posted on October 12, 2012 by Blick Law

When married couples consider Chapter 7 or 13 Bankruptcy, they are faced with the choice of determining whether to file jointly or individually. This determination is important, and many concerns should be addressed prior to deciding what to do.

Many times, one spouse may have debts alone and deem it necessary to file a bankruptcy separate from the other spouse. However, in cases where both spouses are facing financial hardship in meeting the payments on their debt it can be advantageous to file Bankruptcy jointly. Advantages to filing jointly include:

  • Paying only one filing fee instead of paying the same fee twice for separate filings;
  • Assistance from the other spouse in gathering all the necessary documentation together, which can be extremely burdensome; and
  • Filing jointly is more efficient by consolidating the filing, making it is less time consuming.

Joint filing can have disadvantages as well, especially when there is a large disparity in the debts and assets between the spouses. It is important to consult a bankruptcy attorney to determine what the most effective and beneficial filing is for your specific situation.

If you or a loved one have concerns about Bankruptcy or are considering filing Bankruptcy jointly, call Blick Law Firm today at (813) 931-0840. Schedule a free 15-minute consultation with attorney Michael Blickensderfer.

Posted in Bankruptcy, Blog | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , | 1 Comment

Tax Returns being used to file Bankruptcy

Posted on March 28, 2012 by Blick Law Firm

The Columbia University Mailman School of Public Health reports that more families have been using their tax rebates to file for bankruptcy.

In 2001, bankruptcies increased 2 percent after receiving rebates but increased 7 percent in 2008, according to research by Tal Gross, an assistant professor of health policy and management at the school.

Overall, Gross found bankruptcy filings fell by more than 50 percent between the two years, presumably due to the Bankruptcy Abuse Prevention and Consumer Protection Act passed in 2005.  Legal fees for filing increased from an average of $921 to $1,477.

While some debate the new law was a good way to weed out unnecessary filings, Gross believes it made it more difficult for families in need to dig themselves out of their financial troubles.

Although bankruptcy has had a bit of a bad rep in the past, it may be the only option for people with medical debt.  Attorney Michael Blickensderfer is knowledgeable in  recent bankruptcy laws and may offer assistance as you face this hardship.

Although filing for bankruptcy remains on one’s credit history for up to 10 years, the credit score may go up as much as 100 points as shortly as a year later.

Call Blick Law Firm today to receive a free consultation regarding chapter 7 bankruptcy  and how you can file and the procedures that go into filing.

Think quick, call Blick. 813-931-0840.

 

Posted in Bankruptcy, Blog | Tagged , , , , , , , , , , , | Leave a comment