While you are entitled to file bankruptcy as an individual, the Means Test takes into consideration unmarried couples filing bankruptcy. The Means Test is the guide used to determine whether you qualify for bankruptcy, and it incorporates the income of your household. This is neither good or bad, it’s just something your Charlotte bankruptcy attorney will walk you through when preparing to file.
Income And Expenses
When you have a household where an unmarried couple is living together and functioning as a household, it makes sense to take into consideration the income and expenses of both individuals, or the “couple.” While the non-filing individual will not actually file, for purposes of qualifying, the court will want to see whether the household as an entirety is eligible for filing. This is accomplished by disclosing the non-filing individual’s income and expenses and giving the court the information it needs to understand your full financial picture.
Keep It Simple
Don’t let this article or the concept of disclosure confuse you or cause you concern. If you (and your household) are having trouble making ends meet and unable to pay creditors, mortgages and other bills, you will more than likely be able to present a financial picture which illustrates and demonstrates your need to file bankruptcy. Your attorney is responsible for asking the right questions and making sure the bankruptcy court has the information it needs to approve your bankruptcy petition.
Ask Questions
There are many different living situations and those living situations are all unique. The good news is that the bankruptcy laws allow for consideration of those living situations when determining eligibility for bankruptcy. If you have questions, call me and I’ll be happy to discuss your situation and your options. My goal is for you to regain financial stability with minimal disruptions. You can accomplish that with the help of a good bankruptcy attorney’s guidance. I can be reached at 704.749.7747 at any time.