Does filing bankruptcy individually or jointly make more sense if you are married?
Whether or not filing bankruptcy individually or jointly is the best option for married couples depends on a number of factors. Legally, married couples can file bankruptcy together with one petition; a joint bankruptcy. Under a joint bankruptcy; all your combined property and debts are included. This may make sense for some couples. For others, it may be better for just one spouse to file alone.The biggest consideration when trying to decide whether to file bankruptcy individually or jointly is determining which of your debts you are trying to eliminate. In a joint bankruptcy, you wipe out all your dischargeable debts that both of you owe. If only one spouse files bankruptcy; the other spouse is still liable for all debts they incurred. They also remain responsible for any joint debts incurred with their spouse.
However, if most of your debts are joint debts, filing a joint bankruptcy is most likely your best option. But if you do not have any joint debts, or only have a few, an individual filing is most likely your best option.
Benefits of Filing Bankruptcy Individually or Jointly
One benefit of filing bankruptcy jointly is that it allows you to double the amount of your property exemptions. If you file jointly; all assets and property are included in the filing. However, if you file an individual bankruptcy and your spouse is not included; your spouse’s separate property is not part of the bankruptcy. But if your spouse has a lot of property that is separate and is not exempt; you should file individually.
An additional factor to consider when deciding about filing a bankruptcy individually or jointly is your credit scores. If you file together, the bankruptcy will go on both credit reports. If one of you has an excellent credit score and not much joint debt, that spouse should probably not file.
Another benefit of filing for bankruptcy jointly is that it can reduce your overall costs. Instead of having to pay filing fees for two separate bankruptcies you will only pay one filing fee. If you filed your bankruptcy separately from your spouse; you would pay the filing fees twice.
Also, the process of filing jointly can be easier than both of you filing separately. When you file for bankruptcy; you must give the court a lot of financial information, and must also go to court. If you file jointly, you will normally go to court together, and will only have to do your financial disclosures once.
Atlanta Bankruptcy Attorneys
If you feel that bankruptcy may be the best option for you; but you are uncertain about how it will affect you, you should speak with a bankruptcy attorney. Call the Atlanta bankruptcy attorneys at Holston & Huntley, LLC at 888-513-0004. We are experienced; and can help find the right solution for you! Call us today to schedule a FREE consultation.
I would highly recommend Holston and Huntley. The staff in the office are very nice. Abena was a big help she is the best!! They are very helpful and get everything done in a timely manner. My experience with the firm was GREAT!
Miss Abena is the best, they are working on my case now ,I just love them always kept it 100000000 and I feel like family
I had an excellent experience with Holston and Huntley. My case/medical expenses were treated with the upmost care and efficiency. I recommend anyone with any type of accident injury to visit Holston and Huntley. Abena Campbell was extremely helpful and made everything convenient and comprehendible about the my case. She was made everything easy as possible. I definitely recommend Ms.Campbell to take of you.
You can count on Buddy and Abena they are awesome. Abena was wonderful, she showed concern for me through my case. Abena walked me through this process like she knew me a long time. I promise you I felt good knowing I was being guided by someone who really cared their staff is awesome. I give them a 10+. Thank you guys, Especially, Abena
My experience with Holston & Huntley attorneys was nothing short of excellent. I worked directly with Abena. She worked hard to get the settlement that I deserved. Continued to stay in contact and keep me updated throughout the long process. Would recommend and work with them again. Thanks Holston & Huntley!
Attorney Huntley and his entire staff was instrumental in getting me everything I deserved. Their patience, kindness, and loyalty to fight for my needs at a critical time proves why they are such a fantastic firm. I would highly recommend them for any of your needs. I personally, will call Mr Huntley if I’m ever in another accident.
I was never anxious despite being in this situation for the first time and all the credit goes to you and your firm because you care and know what you are doing.Thanks.
I don’t usually leave reviews on anything but I thought I needed to share my experience with Holston & Huntley. It was great! Very quick and efficient. Buddy and his staff were awesome. I personally worked with Abena and she was always available to answer any question I had. I highly recommend this firm to anyone who needs a professional lawyer that would fight to get you the best settlement you deserve. I promise you won’t be disappointed!! Thank you, Buddy, Abena and staff for all of your help.
Holston & Huntley entire team was great to work with!!! Thank you so much
Thank God For Experience Help When I Needed It The Most.
Effective Service, So Far I’m 6 Month’s Into It And CONFIDENT It Is Well, I’m So Grateful.
Thank You All..
- Holston & Huntley LLC @HolstandHuntLLC If you have been seriously INJURED in an accident, we can help. Call Us Now 1-844-422-8339 (Ga-Buddy). . . .… https://t.co/AK8zObbo0qHolston & Huntley LLC @HolstandHuntLLC Are you struggling financially? We can help. Call Us Now 1-844-422-8339 (Ga-Buddy). . . . @HolstandHuntLLC Learn M… https://t.co/w9CBdTGT32