Posted: April 14, 2020
Often times a person who is married files for Chapter 7 Bankruptcy individually. It is common to be concerned about whether your bankruptcy filing will affect your spouse, your spouse’s property and in what way. This is something that is determined on a case by case basis. An important factor in knowing if your spouse’s bank account will be affected by your bankruptcy filing is whether or not it is a joint bank account. If the bank account is solely in your spouse’s name, it should not be affected by your bankruptcy filing. However, if you have a joint bank account with your spouse, the Trustee assigned to your case may seek a turnover of a portion of the funds in the account over and above any claimed exemptions. Further, it is not a good idea to try and transfer funds out of your own bank account into your spouse’s account right before your filing because the Trustee may seek to have this transfer avoided pursuant to the Bankruptcy Code.
It is important to consult with and seek help from a seasoned bankruptcy attorney to review your particular circumstances, to explain your options, and to vigorously represent your legal interests should be at the top of your list. Kirschenbaum & Kirschenbaum, P.C. has an expert bankruptcy team with over 40 years of experience representing parties in the bankruptcy court. Not only do we have the knowledge, competence, ability and drive necessary to obtain the relief you need, but we also care, and will take those extra steps necessary to bring stability back to your life.
For assistance with all Bankruptcy matters, please contact us:
Ken Kirschenbaum, Esq. (516)-747-6700 Ext. 301 or
Stacy Spector, Esq. (516)-747-6700 Ext. 304 or