When married couples consider Chapter 7 or 13 Bankruptcy, they are faced with the choice of determining whether to file jointly or individually. This determination is important, and many concerns should be addressed prior to deciding what to do.
Many times, one spouse may have debts alone and deem it necessary to file a bankruptcy separate from the other spouse. However, in cases where both spouses are facing financial hardship in meeting the payments on their debt it can be advantageous to file Bankruptcy jointly. Advantages to filing jointly include:
- Paying only one filing fee instead of paying the same fee twice for separate filings;
- Assistance from the other spouse in gathering all the necessary documentation together, which can be extremely burdensome; and
- Filing jointly is more efficient by consolidating the filing, making it is less time consuming.
Joint filing can have disadvantages as well, especially when there is a large disparity in the debts and assets between the spouses. It is important to consult a bankruptcy attorney to determine what the most effective and beneficial filing is for your specific situation.
If you or a loved one have concerns about Bankruptcy or are considering filing Bankruptcy jointly, call Blick Law Firm today at (813) 931-0840. Schedule a free 15-minute consultation with attorney Michael Blickensderfer.