What kind of debt relief is available to married couples filing for bankruptcy?

Married couples filing for bankruptcy in Delaware have several debt relief options available to them. Depending on their individual circumstances, couples may file together or individually for bankruptcy to get the most relief. When filing together, married couples can either file for Chapter 7 or Chapter 13 bankruptcy. Both forms of bankruptcy provide debt relief by allowing the filer to liquidate some of their assets in exchange for a discharge of their debt. In Chapter 7, most unsecured debt can be eliminated, while in Chapter 13, debt can be restructured into more manageable payments through a court-supervised, 3- to 5-year payment plan. In addition, married couples may also be eligible for certain government programs that provide debt relief, such as the Self-Help Homeownership Program or the Homeowner’s Emergency Assistance Program. These programs offer assistance to families facing financial hardship, who are in danger of losing their homes. Some couples may also qualify for co-debtor stays, which relieves a spouse of their individual debt if the other spouse files for bankruptcy. This provides debt relief for both individuals. Finally, couples may also try to negotiate a debt settlement or use other methods of debt relief, such as debt consolidation or a debt management plan. In all, married couples filing for bankruptcy in Delaware have a range of debt relief options available to them. With the help of a qualified professional, they can determine which option is best suited to their individual needs for the most debt relief.

Related FAQs

What is the difference between a voluntary and involuntary bankruptcy filing?
How long does the bankruptcy process take?
What debts can I discharge in bankruptcy?
What kind of debt counseling is available before and after filing for bankruptcy?
Is there a limit to the amount of debt I can have when filing for bankruptcy?
Are there any special provisions for filing for bankruptcy as a business?
Is bankruptcy the best option for me?
Are there any limits to my spending during the bankruptcy process?
Are there any assets that I will be required to sell when filing for bankruptcy?
What do I do with any unexpired leases or contracts when filing for bankruptcy?

What kind of debt relief is available to married couples filing for bankruptcy?

Related FAQs

Related Blog Posts