What is Joint Bankruptcy?
When couples get married, they often decide to join bank accounts as well as open up credit cards under both of their names. Because their finances are thus inextricably linked, any debt acquired after the marriage can affect both spouses. In situations where this debt becomes insurmountable, the pair may have to file for joint bankruptcy rather than sole or individual bankruptcy.
If you or someone you know is currently facing an overwhelming amount debt and is considering joint bankruptcy, you need to make sure you understand the details of your case and how joint bankruptcy works. To learn more about your legal options, contact a Raleigh bankruptcy lawyer of the Bradford Law Offices, PLLC, today at 919-758-8879.
Advantages of Joint Bankruptcy
When a married couple has a large amount of debt together, they may want to consider filing for joint bankruptcy. There are several important benefits to this process, including:
- Saves time in filling out a single application as opposed to two separate ones
- Cheaper option than filing two individual bankruptcy cases
- Protects each spouse from debt collectors calling at your home or office
Joint bankruptcy also has some disadvantages such as damaging both spouses’ credit scores; however, in your case, it may be the best course of action. A knowledgeable Raleigh bankruptcy attorney can discuss your situation and help you determine the best path to financial freedom for your family.
To determine whether you and your spouse should pursue joint bankruptcy when facing large debts, you need to consult with a skilled legal professional. Take action today and speak with the Raleigh bankruptcy lawyers of the Bradford Law Offices, PLLC, by calling 919-758-8879.