Addressing A Couple Of Your Bankruptcy Concerns | How To Handle And Recover A Bankruptcy

Financial problems can strike anyone, and they can be some of the most stressful experiences in a person's life. This is especially true when individuals are facing aggressive collection actions against them. For example, you may find that your creditors have started to garnish your wages or put a lien on your possessions.

To combat these actions, you may need to consider filing for bankruptcy protection, and understanding these answers to concerns about this procedure should help you to be informed about your options for addressing these issues:

How Does Marriage Impact Filing For Bankruptcy?

Some individuals may resist filing for bankruptcy because they are under the impression that their marriage will vastly complicate this procedure. For example, if the debt is one spouse is from before they were married, they may be worried that bankruptcy will impact the credit of their partner. Fortunately, this is not always the case, and it is often possible to discharge your debts from before the marriage. Yet, the laws governing this can vary depending on where you live, and you will need to speak with a bankruptcy attorney to understand your options. 

In instances where the married couple is wanting to jointly file for bankruptcy, the process should be no more complicated that a single person filing. While there will likely be more paperwork for documenting the incomes and debts of both spouses, this is a minor hurdle to overcome for a clean financial start.  

Is It Possible To Rebuild Your Credit Following A Bankruptcy Filing?

There are many people that are under the impression it will be almost impossible for them to rebuild their credit history following filing for bankruptcy protection. While it is true that your credit will be damaged from this type of filing, it should be noted that it is possible to rebuild your credit history relatively quickly following this type of filing. 

For example, most credit card companies will issue low limit secured cards to those recently coming out of bankruptcy. By using this cards sparingly and paying the monthly bill on time, you will be able to steadily rebuild your credit in a relatively short amount of time. 

Filing for bankruptcy protection can be an excellent way for you to give yourself a chance for a clean start. However, you need to be well-informed about this process before you make a decision. Understanding how marriage will impact your filing and that you will be able to rebuild your credit should help you to make a smart decision regarding if this filing is right for you.

Contact a company such as to learn more.