Filing Bankruptcy Before or After Getting Married?

If you are engaged and looking to get married should you wait until before or after you get married to file bankruptcy?

Like a lot of things in bankruptcy, it depends. Main thing to consider: What is your spouse-to-be’s financial situation like? If your future spouse has a lot of their own debts, you may want to get married first so you can file a joint bankruptcy. This will save money by being able to file just one bankruptcy instead of two.

How much money does your future spouse make? If he/she doesn’t make very much, then you may want to file after getting married. If he or she does make a lot of money, you may want to file first so that your spouse’s income isn’t counted with yours. You should consult with an attorney to see how your combined income would affect the means test before deciding, as there are some strategies for dealing with high-income earners.

One more thing to consider is if you have significant savings for a wedding. The last thing you want to do is have to turn over the money you saved for your wedding to pay creditors.

There are many different angles and approaches to deciding when and how to file bankruptcy. There is no one-size-fits-all solution. You will find the help of an experienced bankruptcy attorney invaluable.

Check Jeffrey Kelly, Georgia Bankruptcy Attorney’s take on this subject.

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