If they encounter times of financial distress, married couples have the option of filing for joint bankruptcy. There are both advantages and disadvantages to filing the bankruptcy paperwork together. Before beginning the bankruptcy process, it is important to talk to an attorney to make sure that you are filing in the way that is best for you and your spouse.
Benefits of Joint Bankruptcy
Weighing the advantages and disadvantages of joint bankruptcy will give you insight as to whether or not to file for bankruptcy as a couple. The following are some of the advantages of joint bankruptcy:
- Save money
- Shorter process
- Debts held together are protected
- Creditors cannot harass either spouse for funds
- Disadvantages of Joint Bankruptcy
However, there is a downside to filing for joint bankruptcy. The main disadvantage to joint bankruptcy is that it damages the credit scores of both individuals. Additionally, joint bankruptcy may not be an option at all if one spouse has previously filed for bankruptcy within a certain period of time.
Joint bankruptcy and debt issues can cause a tremendous amount of stress. In order to explore your options, it is important to speak with an attorney about whether joint bankruptcy is right for you and your spouse. Contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518 for a free consultation for you and your spouse.