Tampa Bankruptcy Experts, Clark & Washington, Discuss How Bankruptcy by One Spouse Affects the Other

    NORCROSS, GA, August 05, 2013 /24-7PressRelease/ -- When couples pledge "for better or worse" they may not be thinking about money. However, each person brings their own financial history to the marriage. Even young couples just out of school are often burdened with student loans that they will be paying off for decades.

It is essential for couples to take an honest look at their finances before they get married and throughout the marriage. One person's loan debt, overspending, poor money management, unemployment, or business downturn can affect their spouse, and in turn, the family finances.

When One Spouse Files Bankruptcy

Couples generally choose to have just one spouse file in order to not impact the other's credit rating. However, one spouse's bankruptcy will impact the couple's ability to get joint credit. Regardless of how you choose to do it, the family finances will be affected.

The impact that one spouse's bankruptcy has on the other depends on a number of factors, including how assets and liabilities are titled, the type of bankruptcy filed, the condition of your marriage, the nature of the debts, and the source of your income. One of the most important factors, however, is where you live.

Bankruptcy Laws Vary by State

States have very different bankruptcy laws. Moreover, in the nine community property states, any debt incurred after marriage by either spouse is a joint debt, regardless of how it is titled. It is essential to hire an experienced bankruptcy attorney who knows your state's bankruptcy laws. For example, a bankruptcy in Tampa, FL will be very different from one in Los Angeles, CA, in part because Florida is not a community property state.

Bankruptcy law is very complicated, and each situation needs to be looked at individually. If you and/or your spouse are considering bankruptcy, it is essential that you consult with an experienced bankruptcy attorney who knows the law, and can help the bankruptcy process be as painless as possible for you and your family.

Clark & Washington's Tampa bankruptcy lawyers handle chapter 7 and chapter 13 bankruptcy filings and can help determine which is better for you. They handle more bankruptcy filings than any other Tampa bankruptcy attorneys. To arrange for a free consultation with one of their bankruptcy experts, or to learn more about the firm, call (813) 345-5954 or visit their website at http://www.cw13fl.com/. Clark & Washington has offices throughout the Tampa area.

About Clark & Washington:
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter 7 and chapter 13 bankruptcies. They offer honest, helpful legal advice to those experiencing financial hardships.

For more information, visit http://www.cw13fl.com.

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