In general filing jointly is more beneficial than filing separately. These benefits include only having to pay for one filing fee rather than two, having both debtors achieve their discharges simultaneously, and in general maximizing the efficiency of the filing process. The two debtors are not completely consolidated into one case, but much of their estate in terms of joint debts and joint property overlap. There are a few exceptions towards filing jointly however. The most obvious is if your spouse does not want to participate in filing for bankruptcy you can still file individually. Another exception would be if one spouse is unable to file because of a prior bankruptcy, or if both spouses filing would violate the guidelines for either chapter 7 or 13. The most important exception involves protection of nonexempt property, where the spouse who holds most of the nonexempt property doesn’t file while the one who requires the bankruptcy files. This way both spouses avoid having to liquidate their nonexempt property.
To better understand if filing for bankruptcy is the best action for you, it is recommended you set up a consultation with a local bankruptcy attorney.
No comments:
Post a Comment