Community Property And Bankruptcy
“I am filing for bankruptcy. Does my spouse need to file with me?”
This question arises with many clients choosing to file for bankruptcy. As a bankruptcy lawyer and founder of the Law Office of Gordon Mosley, I have more than 20 years of bankruptcy experience and thoroughly understand the bankruptcy laws. I can explain the process to you, as well as answer your pressing questions and concerns. Contact my law office for a free initial consultation.
Texas Community Property
In Texas, all property or debts acquired during a marriage is presumed to be owned equally by both spouses. However, any property or debt acquired separately prior to the marriage may be considered separate assets or debts if they had been kept separate throughout the marriage.
How Does This Affect My Bankruptcy
If one spouse files bankruptcy, their separate assets will be considered as well as half of the community property assets in the bankruptcy. In addition, the separate debts of the filing spouse as well as half of the joint debts are eligible for discharge. However, if the spouses file for bankruptcy jointly, all assets and debts will be considered in the bankruptcy.
Contact Me, A Texas Bankruptcy Lawyer Who Can Help
Whether you should file for bankruptcy jointly or separately will vary depending on the facts of each situation. It is important to consult with an experienced bankruptcy lawyer to discuss the facts of your situation and how you should proceed. I also can advise you of how a bankruptcy may affect a foreclosure, eviction, or repossession.
My law office is a debt relief agency and helps people file for bankruptcy relief under the Bankruptcy Code.