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R. Flay Cabiness, II, P.C. Georgia Lawyer Blog

What are Joint Bankruptcy Petitions?

When you decide to pursue bankruptcy, you have the option of filing as an individual or filing a joint petition if you are married. When you file jointly, the bankruptcy court reviews both your credit history and the credit history of your spouse, and makes their decision about your bankruptcy based on information from the two of you. When you file a joint petition, you are filing for a single bankruptcy, but you are doing so based on the financial situation of two people.

Though any bankruptcy is complicated and can seem overwhelming, filing a joint petition is an especially detailed process. It’s essential you seek the assistance of an experienced attorney to help you in order to avoid any mistakes that could lead to the denial of your joint bankruptcy request.

Benefits of Filing a Joint Bankruptcy Petition

One of the primary benefits of filing a joint petition is it allows you to pay only a single filing fee, even though two people are filing. This can be very beneficial when you are struggling to make ends meet and barely have enough to file a single petition.

Another benefit of a joint bankruptcy petition is the fact the court considers the income and debt of both spouses. This can be the difference between qualifying to file for Chapter 7 bankruptcy or Chapter 13. If you prefer to reorganize your debt without total debt elimination and protect your assets, the income of two people is going to help you qualify for Chapter 13. If you prefer debt elimination, the debt of two people added together might increase your odds of qualifying for Chapter 7.

If you would like to learn more about the difference between Chapter 7 and 13, and determine if you qualify for either, check out USCourts.gov.

Is a Joint Petition the Best Option in My Case?

Determining whether or not a joint petition is the better option varies from case to case. Deciding how to proceed when you are married and unsure about bankruptcy qualification in general or if a joint petition is even the best option is yet another reason it’s important to work with an experienced bankruptcy attorney.

Starting a relationship early with a bankruptcy attorney, instead of waiting until your financial situation is desperate, enables you to take control and get back on track. You’ll have a better understanding of your situation and how it affects the decisions you face.

Are you married and wondering if a joint petition is your best option? We can help you decide. Contact R. Flay Cabiness, II, P.C. at (912) 554-3774 (Brunswick, GA); (912) 375-5620 (Hazlehurst, GA) or; (912)-554-3756 (Jesup, GA) to learn more.

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Brunswick, GA 31520
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Hazlehurst, GA 31539 
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198 S. Macon St.
Jesup, GA  31545
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