What is a Joint Petition? Married couples who are struggling with excessive debt may be able to benefit from filing a joint petition for personal bankruptcy. A joint petition for bankruptcy allows a couple to file a single personal bankruptcy petition. They will disclose their joint income, assets, expenses, and other financial information on their bankruptcy forms and, in some cases, may even be able to double certain bankruptcy exemptions.
All debts owed by individual spouses and by spouses jointly must be listed in their entirety. Property held individually and jointly becomes a part of the bankruptcy estate, which may be liquidated in order to pay the couple’s debts. California allows debtors to choose between one of two sets of exemptions. These will protect a certain portion of property. Because double exemptions only apply in specific instances, the advice of our seasoned Los Angeles bankruptcy lawyer can be crucial to helping you and your partner determine the best course of action for your situation. Many couples choose to file for chapter 7 bankruptcy jointly since it can eliminate all their dischargeable debts and allow them both to enjoy the benefits of a financial fresh start. If only one partner files, the remaining partner may still be responsible for paying not only his or her own debts but also his or her share of jointly held debts. Filing a joint petition can also be less expensive and more efficient in the end, allowing a couple to save on attorney’s fees and filing fees and combine all the paperwork at once. Our bankruptcy attorney in California can help you and your partner learn more about chapter 7 and chapter 13 bankruptcy or business bankruptcy to determine which may be best for you and to discover whether you may benefit most from filing an individual or joint petition. Contact us today to learn more or to schedule your consultation. To learn more about chapter 7 and chapter 13 bankruptcies, visit USCourts.gov Back to Blog |
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Samuel- Woodland Hills, CA
My wages were being garnished, and I was getting sued by creditors. I could not pay my debts to credit card companies. Hamid Soleimanian filed a chapter 7 bankruptcy for me and stopped my wages from b...