Bankruptcy

Whether annuities are exempt in bankruptcy depends on

It’s advisable to consult a bankruptcy attorney about the details of your situation.

What is Bankruptcy?

Bankruptcy is a legal process that allows people to wipe out their debt or make payments on their debt based on what they can afford.

Types of Bankruptcy

It depends.

Chapter 7

Chapter 7 bankruptcy , Also known as liquidation,

Chapter 13

Chapter 13 bankruptcy requires the person filing the case to make payments on their debt for either three years or five years.

Chapter 11

What is Individual Bankruptcy?

Individual bankruptcy describes a case filed by one person.

What is Joint Bankruptcy?

Joint bankruptcy is a bankruptcy filed by both people in a marriage. This requires that two individuals be legally married. People in long-term relationships cannot file joint bankruptcy petitions. Additionally, people who considered themselves married under common law cannot file joint bankruptcy petitions.

Chapter 7 vs. Chapter 13 for Married People

Whether you should file a bankruptcy with your spouse can be a strategic decision. Some couples want to protect the credit history of the non-working person. Others want to protect the credit of the person who did not sign for the debt. There are potential complications if only one spouse files and the couple divorces later. The choice between filing individual or joint bankruptcy cases should not be made in order to trick / take advantage of creditors or the Bankruptcy Court. Doing so is bad faith and may be considered fraud. For further clarification or direction it may be in your best interest to consult a bankruptcy attorney.