The Pros and Cons of Filing a Joint Bankruptcy
When a married couple faces overwhelming debt and needs a debt relief solution, they may want to turn to bankruptcy. However, the process of filing for bankruptcy may be complicated by whether a couple wants to file their bankruptcy individually or jointly. Depending on how the couple addresses their bankruptcy, the rules of what assets and debt become subject to the proceedings can change significantly.
Bankruptcy can be an important legal option for you and your spouse to consider when you’re in need of debt relief. To learn more about the process of filing and what to expect when going through bankruptcy, contact Florida bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC, today at (239) 237-0675.
What to Know When Filing a Joint Bankruptcy
Married couples have the option to file bankruptcy separately or together. When filing together in a joint bankruptcy, the following benefits or concerns may be present:
- Filing together reduces filing fees
- Filing together can cut down on paperwork associated with bankruptcy
- The impact of exemptions may be lessened by owning too much joint property
- Shared debt may increase payment plan expectations for Chapter 13 bankruptcy
These pros and cons should be considered before a married couple files jointly for bankruptcy. A legal advisor can better explain the legal process of jointly or individually filing for bankruptcy and help you decide which path is best for your financial situation.
If you and your spouse have considered filing for bankruptcy to help you solve your debt concerns, we can help you better understand the process and what to expect. For more information about how we may be able to assist you, contact Florida bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, by calling (239) 237-0675 today.