Personal Bankruptcy bankruptcy advice please

[judesdidi]

I am wanting to file for bankruptcy but I'm married and was told that I have to inclue my spouses income, I was wondering if this is true even though I'm the only one filing

 

[Michael Wechsler]

I am wanting to file for bankruptcy but I'm married and was told that I have to inclue my spouses income, I was wondering if this is true even though I'm the only one filing

I'm not an expert in this area but my understanding is that this is true. The non-filing spouse's income is a necessary component to consider regarding the true financial condition of the filing spouse. Thinking about it further, it seems to make some sense. Some crafty people might transfer their assets and income to their spouse in order to keep what they have and distnguish their existing debts. Topics concerning Bankruptcy Code Section 707(b) might be of interest to fine more information.

 

[scottschneider]

Bankruptcy Advice

If you are filing by yourself but your spouse lives with you, you must report his or her income on the bankruptcy petition, to determine if you meet the income limits under the means test to qualify for Chapter 7. Its better to get advice from an experienced bankruptcy attorney - Scott R. Schneider

 

[dazowak]

Even in transfered assets, which can be traced, doesnt it depend on previous year federal filing? Jointly, Head of Household, or married filing jointly?

I know that my counties trustee works off of bank records and places a heavy eye on money movement. He's known to be ultra-forgiving, allowing people to keep items other judges would take, unless you move money and lie about it. He's twice as hard as he is forgiving if there is a hint of money movement.

 

[dazowak]

If you are filing by yourself but your spouse lives with you, you must report his or her income on the bankruptcy petition, to determine if you meet the income limits under the means test to qualify for Chapter 7. Its better to get advice from an experienced bankruptcy attorney - Scott R. Schneider

'Means Test' and dont worry, it calculates expenses, so it's a real test. Not like a Mortgage debt/income where the use Gross income.