When facing a bad financial situation, it is often important to not let your emotions get the best of you. In case you are considering bankruptcy as the way out of your financial problems, lawyers of Dallas based bankruptcy law firm Recovery Law Group, suggest that you should weigh-in the pros and cons of both, filing a joint bankruptcy petition as well as filing separate petitions for bankruptcy. Bankruptcy lawyers can help you come to the best decision. In case you need a consultation with experienced legal minds, you can call 888-297-6023.
If you decide to opt for a joint bankruptcy petition filing, you can save money on filing papers. Instead of paying two times the bankruptcy filing fees, attorney fees, etc. you end up making payments just once. The fee for bankruptcy petition is a significant amount, especially if you are literally going from hand to mouth. A joint bankruptcy petition can reduce this financial burden considerably since you pay the fees once only. Additionally, when you opt to file jointly as a couple, you reduce the paperwork too. This works well if you have a large amount of joint debt.
However, if either of the partners had previously filed for bankruptcy, then chances of you being able to file a joint petition are extremely slim. Other parameters to consider while filing a joint petition include the type of assets owned individually as well as combined by the partners. This issue needs to be resolved prior to a bankruptcy filing. An experienced bankruptcy lawyer Dallas can help decide whether a joint bankruptcy filing would be the best course of action for you or not. Consulting with a qualified attorney is therefore recommended prior to taking any action.