Our bankruptcy services are designed to help you and your family reach a firm financial footing. We help regardless of why you are in debt, how far behind you are, or what your goals are. During our consultation, we explain your options in greater detail to help you to decide what is best for you. If bankruptcy is the best option, we will help you file a joint bankruptcy petition if you are married.
Facts About a Joint Bankruptcy Petition
There are several benefits to filing a joint bankruptcy petition. First, you and your spouse will receive a discharge of your debt. Second, you and your spouse both have a set of exemptions. We use exemptions to help you protect your assets from liquidation. In some cases, your exemptions double when filing jointly. As a result, you get to keep more property and money. You may also qualify to keep more vehicles, jewelry, furniture, etc.
It is also important to note that if you and your spouse have joint debts, then one of you filing for bankruptcy will not eliminate the responsibility of the other spouse. This is critical to keep in mind because if your spouse files bankruptcy alone, then you can continue to receive collection calls for those joint debts. This defeats the purpose of filing bankruptcy in the first place.
Joint Bankruptcy During Divorce
Many divorcing couples choose to file a joint bankruptcy petition prior to their divorce becoming finalized. This is wise because many spouses cannot afford to maintain their debts once they are separated.
If you are divorcing, it might be wise to file bankruptcy ahead of time because it will make dividing your assets and debts easier since much of this will have been addressed during the bankruptcy filing. A major problem is that that if one spouse files for bankruptcy after the divorce, it will not eliminate the responsibilities held by the other party for joint debts. This could create a problem, depending on the family court’s order regarding debts.
Use Our Bankruptcy Services
We help you determine if filing a joint bankruptcy petition is in your best interest. We also go over the specifics of your financial situation, the assets that you want to keep and the debts that you want to eliminate before making a comprehensive and thorough recommendation. If you are considering filing jointly with your spouse, or even if you are married at all, it is wise to come to the appointment together so you can both get the information necessary to make an informed decision. Regardless of how you proceed, we can assist you and work to protect your assets and your future.
NOTE: This is for informational purposes only and does not constitute legal advice.