Advantages and Disadvantages of Joint Bankruptcy

August 4th, 2011 | Author: | Bankruptcy

When a married couple is facing financial difficulty, each spouse is responsible for the joint debt they have accumulated together. This can be credit card debt, automobile loans, or mortgage debt. If a couple can no longer pay their bills, they may want to consider the benefits of filing for either Chapter 7 or Chapter 13 bankruptcy. Filing for bankruptcy can help a couple get out of debt so they can both start working on rebuilding their credit.

A married couple can file for bankruptcy individually, but they can also file for joint bankruptcy. This is a popular method because it saves the couple time and money during the bankruptcy filing process. There are advantages and disadvantages of filing joint bankruptcy so make sure you contact a qualified bankruptcy attorney today to discuss your legal options.

Advantages and Disadvantages of Joint Bankruptcy

Filing for joint bankruptcy is a major decision you need to thoroughly discuss with your spouse. Some of the advantages of a joint bankruptcy filing include:

  • Bankruptcy filings are expensive so a joint filing saves you money
  • By filing for joint bankruptcy, you are both free from creditors harassing you
  • Joint debt protection

There are also disadvantages of joint bankruptcy. They are:

  • You can’t file together if you or your spouse has filed in the past and haven’t waited the appropriate amount of time
  • Joint bankruptcy will damage both your credit scores

Contact Us

The time to act is now. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, today at 480-829-0494 and take control of your future.



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