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What Are the Advantages of a Joint Bankruptcy?

Filing for joint bankruptcy is particularly important when spouses have joint bank accounts or are co-signers on home loans, auto loans, credit cards, and other debt. If you file for bankruptcy on your own, you could end up leaving your spouse liable for all of your un-discharged debt. Filing jointly will help protect your spouse and remove his or her liability for your financial obligations. All dischargeable debts owed by either you or your spouse will be completely wiped out in this type of bankruptcy. Another one of the advantages of a joint bankruptcy is that it can save you and your spouse a significant amount of time and money.

One of the disadvantages of filing a joint bankruptcy is that if you and your spouse have too much-combined property, you may not be able to exempt all of your combined assets. Should that be the case, our lawyers will work with you closely to maximize the state exemptions you may be able to claim and help you achieve the most optimum results for your specific case. Our state does not allow residents to claim federal exemptions when filing for bankruptcy, so it is vital that you have an experienced bankruptcy lawyer who is committed to helping you protect your interests. In most cases, we can help married couples double the value of their exemptions so as to save valuable assets and property that otherwise may have to be liquidated or sold.

State exemptions are available for a homestead or residential property, motor vehicles, insurance benefits, retirement and pension benefits, personal property, workers' compensation and unemployment benefits, and more. Our lawyers take pride in being up-to-date on any changes made to the state's bankruptcy exemptions as we use this information to help our clients claim all of the current exemptions they may be able to receive at the time of filing. To find out if joint bankruptcy may be right for you, contact an Indianapolis bankruptcy lawyer at Jackson & Oglesby Law LLC right away.