What are the benefits of filing for bankruptcy with my spouse?

April 20, 2016

You could receive Double Exemptions: If you live in a state that allows you to use federal bankruptcy exemptions, you can double your property exemptions when you file with your spouse. (If your state doesn’t allow federal exemptions, you might want to seek the double exemptions option on joint filing, if your state allows that). Filing for double exemption only works if you and your spouse own property together.

Saves time and money: Since filing fees for individual and joint applications cost the same, a couple saves money when they file together. Also , the couple would  pay attorney fees for consultancy on only one application as opposed to two.

Time wise, this process is more efficient as the couple would provide only one set of documentation.(Documentation for filing for bankruptcy needs to be extensive and detailed, going through it once is definitely less tedious). The couple would also go for hearings with a trustee together as opposed to going individually.(Only one trustee hearing is required).

Gets Rid of  all dischargeable debts: When only one spouse files for bankruptcy, the other would still responsible for his/her individual debt and debt incurred jointly. In a case where the couple files jointly, all the debts could be dischargeable.