Can Spouses File Together?

Most couples share everything ... including their debt!

If you are currently married in the Chicago area, it is a good possibility that you and your spouse share everything—including your debts. It is not uncommon for couples to suffer through the negative ramifications of debt together. Spouses are often faced with financial hardship during tough times. Our Chicago bankruptcy attorney can help you determine if filing for bankruptcy is beneficial for you and your spouse.

We can assist you if you are suffering from debt from:

• Credit card bills
• Medical expenses
• Home mortgage
• Job Loss

Married? See Your debt relief options!

While it may be a good idea to explore alternative options like debt consolidation, debt settlement or creditor negotiation before jumping head-first into the process of filing for bankruptcy, some couples may have no choice but to pursue a more aggressive course of action.

For this reason, our firm recommends that you and your spouse discuss the possibility of filing for bankruptcy, either together or separately, if you have been struggling to make ends meet. There is no shame in taking steps to get your financial future back on track, so there is no reason why you should suffer through the ramifications of debt any longer than you need to.

When faced with overwhelming debt, couples have the following options:

• File for bankruptcy together through a joint petition
• Allow only one spouse to file for bankruptcy
• Pursue an alternative course of action such as debt settlement

Although each of these options can help a couple to find relief from their debt, it is important for you to make a decision that is most accurately aligned with your best interests. Since every situation is unique, it is highly recommended that you discuss the specific nature of your debt-related problems with Chicago bankruptcy attorney Joseph P. Doyle. In doing so, you may be able to gain a better understanding of whether or not a joint bankruptcy filing is right for you.

Each of these factors should be discussed with a bankruptcy lawyer before making the decision to file a joint bankruptcy petition. Call (312) 957-8077 today.

The Benefits of a Joint Petition

If you and your spouse share a significant amount of debt, you could benefit from a joint bankruptcy filing. Since this would allow you to file one petition, you would be able to include all shared and individual debts. It could save you time and money—namely due to the fact that you would only need to gather detailed financial information once and pay a single filing fee.

Additionally, a joint bankruptcy could help you to ensure that all dischargeable debt is wiped out once and for all. If only one spouse decides to file for bankruptcy, for example, the non-filing spouse may still be liable for paying individual and shared debts once the process is over. For this reason, it is usually recommended that the couple file together when they have a significant amount of collective debt. In doing so, you would also be able to double the federal property exemptions—allowing you to protect more of your assets.

Weighing the Pros and Cons

Making the decision to file for bankruptcy is never easy, but it can be particularly difficult when you have considered filing with your spouse. For this reason, our knowledgeable legal team encourages you to weigh the pros and cons of a joint bankruptcy under the advisement of our Chicago bankruptcy lawyer.

In doing so, you can have the opportunity to gather all of the facts and make an informed decision about your financial future. There is no reason why you should put yourself through the unnecessary stress of suffering through debt when relief is just around the corner. We encourage you to take action today!