If you and your spouse cannot agree on filing for bankruptcy together, you could file alone; however, there are certain factors you should consider if you decide to proceed with this. While there are times when filing alone can be advantageous, there are also times when this would not really make sense. Here are three factors to consider before you decide to file for bankruptcy yourself.
The Benefits Of Filing Alone
There is no law that states a married couple must file for bankruptcy jointly. Therefore, married individuals can file alone if they choose to, but it's important for you to consider why you would do this alone. The main reason this occurs is to protect the credit of the non-filing spouse. This can also occur, though, if one spouse is completely against bankruptcy but the other spouse is not. Before you file, consider if there will be any major benefits of filing alone. If you are not sure if there will be, talk to a lawyer about it.
Joint Debt And Assets
The second main factor to consider is how your assets and debts will be handled in your bankruptcy case. If your debts are in your name alone, your spouse would not be affected by you filing for bankruptcy; however, if the debts are in both names, your spouse would still be responsible to pay the debts if you filed alone.
The assets you own can also play a role in this decision. When you file for bankruptcy, there is a chance you will lose some of the assets if they are in your name or jointly owned. If the assets you have are in your spouse's name only, you most likely will not lose them, simply because they do not legally belong to you.
The Probability That Your Spouse Might File In The Future
Finally, you should realize that if you file alone, your spouse will have to pay fees in the future if he or she eventually decides to file for bankruptcy. In other words, it is cheaper to file together. You will only pay one fee to a lawyer and one fee for filing the bankruptcy case. If there is a chance your spouse will need to file for bankruptcy in the future, it might be better to file jointly right now.
Bankruptcy can be a great way to get rid of debts, but it requires a lot of consideration too. To learn more about this, make an appointment with a bankruptcy lawyer today. Visit a site like http://www.morrisonmurfflaw.com for more information.