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If you’re a Tempe resident considering filing for bankruptcy in Arizona, it’s important to learn about how filing affects community property.
If you really want to understand community property in bankruptcy, you’ll need to speak with a knowledgeable Tempe bankruptcy lawyer. Your lawyer can explain anything you don’t understand, answer all of your questions, and give you peace of mind.
One of the biggest mistakes people make when filing for bankruptcy in Arizona is not consulting with a Tempe bankruptcy attorney.
A Tempe Bankruptcy Lawyer can help you:
Our team of dedicated Tempe bankruptcy attorneys can help you through bankruptcy in Arizona.
Personal bankruptcy when married can be different than if you’re single. When you file for bankruptcy in Arizona, it affects your spouse, too. This is true even if you file individually.
Each state has different laws which affects the property rights you hold during marriage. Your state will either be common law or community property.
Community Property states include:
In Community Property states, any property obtained by either spouse in a marriage is considered “community property.” In other words, 50% of whatever you own – even if you obtained it on your own – belongs to your spouse. All property is divided in half equally, 50/50.
This also includes:
This begins on the marriage date and ends if and when the couple physically separates. So if you are getting divorced, note that any debts or earnings after this time are not considered community property.
It’s essential to understand how ownership of property is handled in your state because it will determine how some of your household property will be treated in bankruptcy.
Here’s what Tempe residents should know about community property in bankruptcy:
If you’re struggling with bankruptcy in Arizona, you should call the best bankruptcy attorney in Tempe: Davis Miles McGuire Gardner, PLLC. As a knowledgeable, experienced Arizona bankruptcy lawyer in Tempe, our team of highly experienced experts can help you through every step of the bankruptcy process. Call us today at (480) 733-6800 to schedule a consultation!
What Tempe Residents Should Know About Community Property in Bankruptcy | Davis Miles McGuire Gardner, PLLC – Tempe, AZ
Our experienced attorneys provide an array of legal services across several practices.
We’ve helped thousands of people find solutions to problems. We’d love to help you too.