Should You File for Bankruptcy Individually or With Your Spouse?
If you are married, one of the first questions that needs to be answered is whether you should file by yourself or jointly with your spouse.
Filing Two Individual Bankruptcies
There are strengths and weaknesses to filing two individual bankruptcies, one for yourself and one for your spouse. The biggest weakness is obvious: If you file two bankruptcies, you will have to pay to file two bankruptcies.
However, sometimes the additional expense is very much worthwhile. In some cases, a married couple filing jointly will not qualify for Chapter 7, but if they file separately, they will. Chapter 7 bankruptcy is often preferred, because it is a less expensive process with a more immediate impact on debt.
Filing Bankruptcy Jointly
When you and your spouse file jointly, you are only filing one bankruptcy. You only pay once, and you only go through the process once, rather than one at a time.
Every couples' situation is different. We understand the importance of carefully reviewing your situation to determine whether it makes more sense to file jointly or individually. Having been in practice since 1992, we are careful to provide guidance that makes sense to you. We are also aware that bankruptcy and divorce can have an impact on this decision.
Contact Us to Learn More About Filing Bankruptcy
Every case is different, so it is important to discuss your situation with an experienced Phoenix or Tucson attorney before making a decision about individual vs. joint filing for bankruptcy. Contact us to discuss your options.
Written by the Office of Stephen Trezza