Understanding Bankruptcy, Oct. 31, 2019

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BY MICHAEL A. CIBIK, ESQ.
AMERICAN BANKRUPTCY BOARD CERTIFIED

Question: Do both spouses have to file for bankruptcy?
Answer: Married couples can file together in a joint bankruptcy that combines both spouses’ debts and property into the same case. The overall goal is to discharge your debt and keep more of your property. In most cases, filing together will allow you to accomplish this.

When only one spouse files, the spouse who does not file becomes responsible for their own debts as well as any joint debts. To the contrary, if a spouse has a lot of individual debts that are not shared, filing alone may be more beneficial.

After review of your property both individual and joint, your attorney will be able to determine the most-effective way for you to file. By filing a joint bankruptcy, you can save money on court and attorney fees because it usually costs the same as filing one case.

Next Week’s Question: Can I sue someone who has filed for bankruptcy?

Michael A. Cibik, Esquire
www.ccpclaw.com
ccpc@ccpclaw.com
215-735-1060

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