Filing For Bankruptcy as a Couple

: Reese Baker & Associates

  Filed under: Bankruptcy Information

bankruptcy attorney houston texas, lawyer, bankruptcy fees, texas, attorney, attorney, attorneys, lawyer, lawyers, bankruptcy, texas, tx, houston, bryan, college station, katy, woodlands, sugar lands,If you and your partner are both considering seeking bankruptcy protection due to unmanageable debt loads there are some things you need to consider before filing. The main question is whether you should file as a couple in a joint petition or file separate petitions.

There are pros and cons to both and there may be reasons why one or the other may not be available under certain conditions. There needs to be a serious discussion between the parties as to which may be the best avenue of approach. The benefits for filing a joint petition are primarily ones of expedience and cost. The fees associated with seeking bankruptcy protection can be significant and by filing a joint submission you are able to keep the costs more manageable by only having to pay the fees once rather than twice.

Also, the amount of paperwork will essentially be cut in half by filing jointly. If you have a large amount of joint debt then this may be the best avenue for you and your partner. If, however, you or your partner has ever filed for a prior bankruptcy then you will be unable to file a joint petition. There are other considerations as well that arise from the type of assets that are held by the partnership that will need to be resolved before filing.

The best way to determine if a joint submission is the best way to proceed, given your particular circumstances, is to contact a Houston Texas bankruptcy attorney and get the advice you need before doing anything else.