Plainfield Bankruptcy Attorney Describes When Joint Filing Is Preferable

It’s a good idea for a husband and wife to both file Chapter 13 if they both have significant debts including debts independent of one another.  Plainfield bankruptcy attorney says that by wrapping the complete case and all of the debts under one case, the parties can do best to reestablish and reorganize their debts over the next 3 to 5 years. 

Now, there are some cases where only one spouse has debts Erie it if that’s the case in your case, then only one spouse needs to file for bankruptcy protection.  In fact, if both parties are responsible for the same debt, then only one party needs to file because that one party can reorganize the debt and protect the cosigner provided you are paying back 100% over the life of the case.

 Chapter 13 is complicated.  I strongly recommend that you consult with an experienced bankruptcy attorney to determine whether or not you need to file, whether or not each of you needs to file and if so, what it’s going to take in terms of monthly payments to satisfy the creditors.  You might just find that Chapter 13 is a great way to stop interest on debt, stop collection efforts, stop harassment and get a handle on your finances.  In other cases, you might find that you don’t need to file a Chapter 13 and that a Chapter 7 might be your best bet.  Once you meet with your bankruptcy attorney and once you explain your complete financial situation, that attorney will be able to give you great advice on whether or not Chapter 13 is a great option for you or whether or not Chapter 7 is your best option.  

Once again, if you have joint debt and you have multiple debt independent of one another, then it makes sense to file together.  That way, all of your finances can be wrapped up into one place, one consolidation effort through a Chapter 13 trustee over the next 3 to 5 years.



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