Tag Archives: Joint Bankruptcy

Should I File for Joint Bankruptcy If I am Married?

Speak with a Morris County Bankruptcy Lawyer for Answers to Your Debt Questions Married couples have the option to face bankruptcy together using a method of debt relief known as joint bankruptcy. Joint bankruptcy allows a married couple to file for Chapter 7 or Chapter 13 as if they were an individual filing for bankruptcy. However, both spouses must disclose their debts, property, income and expenses, no matter if the spouses own these assets jointly or individually. This type of bankruptcy can be beneficial for many married couples, but in some circumstances, individual bankruptcy may still be the better option. Those who are married and considering bankruptcy should understand and fully explore their debt relief options before deciding to file for individual or joint bankruptcy. When is Joint Bankruptcy the Best Option? In most cases, a joint bankruptcy is the best option when both people in a marriage have significant…
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