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Should I File a Joint or Individual Bankruptcy?

Even if you are married, you have the option of filing an individual bankruptcy or a joint bankruptcy with your spouse. We can help you to assess your financial situation to determine whether an individual or joint bankruptcy will better serve your needs. The following are some of the factors to consider when determining whether to file alone or with your spouse:

Is your debt primarily in your name alone or is it joint debt with your spouse? If you and your spouse are jointly liable for the majority of your debt, it is often beneficial to file a joint bankruptcy to protect both parties from future liability.

Am I able to fully exempt all of my assets with my individual exemptions or would my spouse and I be better off protecting our assets with our joint exemptions? In states that allow federal exemptions, these exemptions are generally doubled when a joint bankruptcy is filed and therefore, the amount available to protect your assets is greater.

Can we save money and time by filing together? Generally, the filing fees for bankruptcy are the same whether you file an individual or joint bankruptcy. Additionally, you only have to complete one petition whether you file individually or together, and that can save you time and paperwork.

Are we both eligible for a discharge in bankruptcy? If one spouse has filed a bankruptcy case more recently than the other, it is important to determine which chapter of bankruptcy was filed and when it was filed in order to ensure that the required waiting period has passed for both parties to be eligible for a discharge in bankruptcy.

If you are interested in learning more about your options through bankruptcy, whether individual or joint, contact O'Bryan Law Offices today to schedule a consultation with one of our experienced bankruptcy attorneys. Call us today at 502-400-4020 for a free bankruptcy consultation.

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