The Benefits of a Joint Petition
If you and your spouse share a significant amount of debt, you could benefit from a joint bankruptcy filing. Since this would allow you to file one petition, you would be able to include all shared and individual debts. It could save you time and money—namely due to the fact that you would only need to gather detailed financial information once and pay a single filing fee.
Additionally, a joint bankruptcy could help you to ensure that all dischargeable debt is wiped out once and for all. If only one spouse decides to file for bankruptcy, for example, the non-filing spouse may still be liable for paying individual and shared debts once the process is over. For this reason, it is usually recommended that the couple file together when they have a significant amount of collective debt. In doing so, you would also be able to double the federal property exemptions—allowing you to protect more of your assets.
Weighing the Pros and Cons
Making the decision to file for bankruptcy is never easy, but it can be particularly difficult when you have considered filing with your spouse. For this reason, our knowledgeable legal team encourages you to weigh the pros and cons of a joint bankruptcy under the advisement of our Chicago bankruptcy lawyer.
In doing so, you can have the opportunity to gather all of the facts and make an informed decision about your financial future. There is no reason why you should put yourself through the unnecessary stress of suffering through debt when relief is just around the corner. We encourage you to take action today!