Chicago Bankruptcy Attorney and Joint Debts


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.

Chicago 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.