If you are married, then you have several options when it comes to bankruptcy. This is because you probably share your finances with your spouse and have combined accounts, making your spouse's debt your debt as well. If you and your spouse are both in debt, and you plan to file for bankruptcy, your spouse does not necessarily need to file for bankruptcy with you. While this is not a requirement, you may want to file for bankruptcy with your spouse if you and your spouse share the same responsibility for the debt.

This is because if you and your spouse have a co-debt together, then you may be able to both get relief if you file jointly. For example, if you bought a car with your spouse and you both signed the loan, then you are jointly accountable to make the necessary payments. If you file without your spouse, then chances are that he or she will still be held responsible to pay costs associated with the vehicle even post-bankruptcy. In some situations, the court may simply shift debt to the spouse that didn't file, which may defeat the purpose of filing in the first place.

If you live in a community property state, or have chosen community property as a marital arrangement, then you and your spouse will both be responsible for any debts incurred by one partner, regardless of the purchase. This is applicable even if you did not co-sign for the product or property. This may impact whether or not you would want to file jointly. Community property states include Idaho, California, Arizona, Nevada, Louisiana, Washington, Texas, Wisconsin, and New Mexico.

If you choose to file jointly with your bankruptcy petition, then you will need to list all debts owned by both spouses in the marriage. This includes any debts that you or your spouse may hold individually. This joint bankruptcy will help you to eliminate your own bankruptcy in addition to any debts that your spouse has. You will also need to disclose all property that you own before you and your spouse. Whether you own the property individually or jointly, it must be listed as a part of the bankruptcy.

When it comes to joint bankruptcy, only certain states will allow you to use federal bankruptcy exemptions. If you are fortunate to live in one of these states, then you can double the amount of your exemptions when you file for a joint bankruptcy. You may even be able to apply the joint exemptions to one piece of property if you live in a state where this is permissible.

There are a variety of benefits to filing a joint bankruptcy petition. First of all, this will allow for lower costs, including the filing fees and the attorney's fees. Also, filing jointly will eliminate all dischargeable debts. If you fail to file jointly, all dischargeable debts may be shifted to your spouse and he or she will still be contacted and pressured to pay the expenses. Thankfully, a joint bankruptcy will wipe out all dischargeable debts because the courts won't be able to go after another spouse.

Also, joint bankruptcy can be efficient, and it may be easier for you and your spouse to meet for all hearings together. There can be some disadvantages to filing a joint bankruptcy as well. For example, if one spouse owns too much property, this can make things complicated. You may not be able to exempt all of your combined aspects in a bankruptcy if your spouse owns a lot of property that you do not share. Also, if one spouse owns too much priority debt, then you may not want to file jointly, as this can increase your plan payments. If you want more information about filing jointly then contact a local bankruptcy attorney today for information!