If you have a debt with someone else and either party finds it unmanageable,
you may want to seek out a Chicago bankruptcy attorney. Cosigning a debt
with someone is a serious endeavor and something that should not be taken
lightly. If the other person takes it lightly that's even more reason
to run away and not agree to be responsible for their debts.
Bankruptcy Attorney and Married Joint Debt
If you are married and have joint debt with your spouse you have a couple
different ways of handling it if it becomes unmanageable. You can
file joint bankruptcy or you can seek out credit counseling to reorganize your debt and find
some manageable payments; you may even be able to get creditors to agree
to a change in terms so you can handle. There are different ways the courts
handle bankruptcy and debt with married couples so make sure to check
with your Chicago bankruptcy attorney to see how your debt is handled,
there is a chance you are responsible for your spouse's debt even
if you weren't aware of it.
Chicago Bankruptcy Lawyer and Single Joint Debt
Cosigning on loans and being co-cardholders for credit cards is common
among unmarried couples, especially ones who are living together, but
it can be a financial mistake. You'll also find some situations where
a relative or close friend cosigned for something so their friend could
get a cell phone or a vehicle, another potential mistake. Remember that
if this person fails to make regular payments then you are responsible
for their debts. If they debtor declares bankruptcy the creditor has every
legal right to come after you for the balance due.
If you are having trouble with a joint debt situation, contact a Chicago
bankruptcy attorney for help.