Joint petitions may be filed by couples who are married on the day they file their bankruptcy petition. A joint petition may not be filed by individuals who are not married, partnerships or corporations.
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.
More Help on Joint Petition
- Bankruptcy Petition - The bankruptcy petition is an official form filed by the person who wants to begin the Bankruptcy process. - read more
- Chapter 7 Bankruptcy - Chapter 7 Bankruptcy is a liquidation or \"straight\" bankruptcy. It is the quickest, easiest and least expensive type of bankruptcy method to discharge debts. - read more
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