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  1. Bankruptcy Glossary
  2. Joint Petition

What is a Joint Petition?

Husbands and their wives who file a Chapter 7 Bankruptcy petition can reduce the filing costs by paying only one bankruptcy filing fee. If the couple files jointly they must list all of their liabilities and assets on their petition. This includes all property and assets which are owned separately or together. Couples do not have to file jointly. A wife or her husband may file a single bankruptcy petition and not include their spouse. If either the husband or the wife files their own bankruptcy petition they must include property and assets which are considered "community" or "joint" property. Assets and liabilities belonging exclusively to the non-filing spouse are not part of the bankruptcy petition.

Filing a joint bankruptcy petition is most frequently done if one spouse has accumulated debts which are not in the other spouse's name or if one spouse owns valuable assets. Talk to a bankruptcy lawyer prior to filing jointly or separately for bankruptcy. Bankruptcy attorneys can evaluate your financial condition and give information about the best type of bankruptcy for individuals and spouses.