In most circumstances it is better for both a husband and wife to file jointly for bankruptcy. The filing fees for a joint filing are the same as an individual filing and the married couple gets the benefit of having the debt of both spouses dismissed, instead of just one. It is also very common that spouses share debt ownership on major purchases, such as homes and automobiles. Spouses that do not file, could remain liable as a co-debtor for a portion of their husband’s/wife’s debut.
There are some exceptions to this general guideline in which it is better for an individual to file separately. Some examples can be related to timelines (if the other spouse has previously filed for bankruptcy and not enough time has passed)and property protection (exemptions).
To find out if a joint bankruptcy filing would be right for your spouse and you, it is recommended to set up a consultation with a local bankruptcy attorney.
No comments:
Post a Comment