When you file for bankruptcy, anything and everything you own becomes part of the bankruptcy estate. However, filing for bankruptcy often is a cause of concern for people as they are worried that the creditors can come after their spouse’s bank accounts. Dallas based bankruptcy law firm Recovery Law Group says, that the best person to seek advice on such matters is an bankruptcy lawyer. You can call 888-297-6023 to schedule an appointment for a consultation with qualified attorneys. Bankruptcy attorneys are aware of the laws and whether your bankruptcy can affect your spouse or not.
Unless the bank accounts are joint, they cannot be included in the bankruptcy estate. Additionally, you also need to be aware of the exemptions entitled to bankruptcy filers within the state which can help protect their assets. Since all your personal property becomes part of the bankruptcy estate, any bank account jointly owned by you and your spouse might be part of the bankruptcy estate. Bank account in the spouse’s name can remain untouched by creditors only if the funds in it are considered separate from your property.
In order to protect the funds, present in your spouse’s account, you will need to prove that you did not contribute to those funds. If your spouse had a separate account prior to your marriage, the account is likely to remain untouched by creditors during bankruptcy. You can stop worrying about the creditors once you file for bankruptcy Dallas as the automatic stay provision puts an end to the collection actions till bankruptcy has concluded.