Are You Filing For Individual Or Joint Bankruptcy? Understand Your Options.
For married couples, the decision to file for bankruptcy affects both spouses. In many situations, filing for bankruptcy as a couple is preferable to having one spouse file on his or her own. If you or your spouse is considering bankruptcy, the first thing you should do is speak to an experienced attorney about your options.
At the Law Office of Paul L. Urich, P.A., I help couples decide whether to file bankruptcy individually or jointly. There is no one-size-fits-all approach to the question of whether you should file together or separately. When you come to my firm, I will listen to your concerns and give you an honest opinion about whether joint or sole bankruptcy would be better, given your particular situation.
The Advantages Of Filing A Joint Bankruptcy Petition
Contrary to what you may have heard, joint bankruptcy is usually the best choice for a couple. Whether you are filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy, there are many reasons why a joint filing is preferable, including:
- Cost savings: Filing a joint petition means you only have to pay court filing fees one time. Filing separately means you have to pay the filing fees twice.
- Addressing shared debt: If both spouses have debts together, filing jointly provides much better protection than filing separately. For example, if you are both named on a car loan but only one of you files for bankruptcy, your creditor can pursue the nonfiling spouse for payment.
There is no substitute for case-specific advice, so I urge you to discuss your options with me in a free consultation.
Things To Consider Before Filing
The decision to file jointly or separately is a very important one, and many things must be taken into account. Most importantly, you need to remember that if you choose to file individually, the nonfiling spouse will still be involved. The nonfiler’s income and debts will still be considered by the court. Usually, it simply makes more sense to file jointly unless your combined income causes you to fail the Chapter 7 means test.
When you visit my law office, the best thing you can do is bring the financial information for both spouses, even if you think you may want to file separately. I understand that it can be difficult to talk openly and honestly about your financial problems, but honest communication makes the bankruptcy process and the road to recovery much more predictable – and that is a good thing.
Which Is Best For You? Individual Or Joint Bankruptcy. Contact Me To Learn More.
It’s important to understand your full list of options and the likely outcomes associated with each. I can help you do that during a free consultation. To get started, call my Orland office at 407-915-0842 or reach out online.
I am a debt relief agent. I help people file for bankruptcy relief under the Bankruptcy Code.