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Filing for Bankruptcy As an Individual or a Couple

Filing bankruptcy is a complex decision for married couples. In many cases it is better to file jointly rather than one spouse filing on their own. It is important to seek advice from an experienced bankruptcy attorney early on to determine what is right for you.

LawyerASAP will point out the pros and cons of filing bankruptcy both individually and jointly. There is no standard solution that’s right for every couple seeking relief through bankruptcy. Because of this an attorney will consider all of the factors in a particular financial situation before advising you on the best course of action.

Advantages of Filing Jointly

Regardless of whether you file a Chapter 7 bankruptcy or a Chapter 13, if you are a married couple joint bankruptcy is usually the best option. Some advantages to filing jointly include:

Costs: By filing bankruptcy jointly you will only pay court fees once. If you file separately you will have to pay fees twice.
Shared debt: If you share debt as a couple it is best to have loans discharged in both your names. If for example you are both co-borrowers on an auto loan and only one of you files for bankruptcy, the lender can still seek payment from the spouse who did not file.
Things to Consider

There are many things to consider when making the decision to file bankruptcy if you are married. If you decide to file bankruptcy individually, your spouse will still be connected to the bankruptcy. The Court will base decisions on both of your incomes and debt. It is generally advisable to file joint bankruptcy unless combining income renders you ineligible for Chapter 7 bankruptcy.

When you attend your initial consultation with us it is best to bring all financial information for both spouses. Even if you are considering filing bankruptcy individually, our attorney will want to examine all of your information before advising you on the best option for debt relief through bankruptcy.

Contact a Bankruptcy Lawyer Today

To discuss your individual circumstances with an attorney and to learn whether a joint or individual bankruptcy is right for you, contact LawyerASAP at, (844) 330-2727.

We offer debt relief solutions in compliance with U.S Bankruptcy Code.

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