Bankruptcy is designed to help people who are struggling to pay off their debts regain financial freedom. Filing a joint bankruptcy can be beneficial for couples as it allows them to address their debt issues together and make a plan for a more secure financial future. Read on to explore the advantages of filing for bankruptcy with your spouse before deciding whether this is the best option for you and hiring one of La Mesa’s reliable bankruptcy attorneys.
What are the benefits of joint bankruptcy?
If you’re not sure whether to file for bankruptcy with your spouse or separately, the following perks may help you decide. In any case, be sure to consult an experienced lawyer since every case is different.
1. Streamlining the process
If you and your spouse are considering filing for bankruptcy together, this can move things along. Firstly, you only have to file one petition, and it’ll be simpler for you to fill out all the necessary forms and collect the paperwork together.
Also, this type of filing makes the repayment process easier, as it allows you to come up with an agreement on how to pay off your debts which is beneficial for both of you.
2. Saving money
Filing for bankruptcy together can be a wise financial decision for couples. Instead of filing two separate bankruptcy petitions, the spouses can file one. This means there will only be one court filing fee, one attorney’s fee, and any other costs during the proceedings would be lower.
3. Discharging joint debts
With this type of filing, both spouses can completely discharge all qualifying debts they’re jointly responsible for. On the other hand, if one spouse doesn’t file, they may still be obligated to pay any jointly held debts. Therefore, filing for bankruptcy together is usually the most thorough way to ensure that both spouses are free from debt.
4. Simplifying the property division in divorce
If you’re planning to get a divorce, a jointly filed bankruptcy beforehand can be beneficial in many ways as opposed to separate filings. It can help to simplify and speed up the divorce process as it eliminates the need to divide marital debt between the divorcing couple.
This can also lower divorce costs since there will be less to fight over. Also, getting rid of the majority of your debt can provide a better financial situation and a sense of security once you’re separated.
5. Being less stressed
Filing for bankruptcy can be a stressful experience, but going through it with your spouse can make the process less stressful. When filing jointly, you and your spouse can come together to get, complete, and submit the necessary documents. You’ll have another person making sure all the information is there and that nothing is overlooked. You can also support each other throughout the process and provide emotional and financial assistance.
Where in La Mesa can you hire an experienced bankruptcy attorney?
If you’re looking to take a step toward financial freedom through bankruptcy, look no further than our team at Chang & Diamond. Our seasoned lawyers will help you make the right decisions, answer your questions about bankruptcy, explain automatic stay, and so much more. We have years of experience and numerous clients we’ve helped handle their debts successfully. Whether it’s best for you to file with your spouse or on your own, you can rely on our expertise and professional legal representation.
We’ll support you throughout the process, and you’ll soon be able to have a stress-free stroll around Harry Griffen Park. Give us a call today and book your free consultation!