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Filing for Bankruptcy with Your Spouse

bankruptcyCoupleIf you’re married and are planning on filing for bankruptcy, you may be debating whether to file a single or joint bankruptcy petition. Should you choose to file jointly, you and your spouse’s combined debts and property will be included in the bankruptcy.

In most cases a joint bankruptcy petition is the best way to go but there may be situations where filing alone could be beneficial. As you make your decision as to which option is best for you, keep the following information in mind.

The type of debt that you would like to have discharged should be one of the primary factors in your decision. Should you file jointly, your debts as well as those of your spouse will be wiped out regardless of whether these debts are joint or individual. If you file as a single individual then the non-filing spouse will be the one responsible for taking care of any joint debts as well as those that he or she may owe as an individual.

You’ll also want to consider property owned. A joint petition means that any assets or property owned by you or your spouse will be included, regardless of whether it is owned separately or jointly. Your spouse’s property is not considered part of your case in a single petition and can therefore be protected should you choose to file alone.

This information is provided by Miami bankruptcy lawyer Alonso, Perez & Santos, LLP.  Our areas of practice include bankruptcy, debt harassment, credit card defense, foreclosure defense, immigration law, insurance litigation, business start-ups, and more.  Call 305-676-7545 to speak with one of our Miami insurance attorneys and receive a free consultation.  We look forward to working with you.

This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.