Finances are always a major stress for married couples, so it important to know what options are available. When filing for bankruptcy, married couples have the choice to file individually or jointly. The process is similar either way because all held debts must be reported. It may be more valuable to consider filing jointly for the following reasons.

The first concern with people filing for bankruptcy is obviously cost. By filing jointly, couples can share documentation and other legal fees. Joint filing can also result in better protection during bankruptcy. That is because if one spouse files individually, the other spouse may be pursued for debts if they are jointly held.

The second benefit is efficiency. As long as one spouse has not filed for bankruptcy recently, the bankruptcy will go easier. The amount of work for two individual bankruptcies is generally twice as much work.

There are also a few disadvantages to filing jointly as a married couple. There are chances that jointly or separately held assets or debts may negate certain state and federal exemptions. Also, if all debts are held by one individual, it may save the other spouse’s credit score to file individually.

If you or your spouse are considering filing for bankruptcy the first step is to compile a list of all debts assets and property. The next step is to meet with a qualified bankruptcy attorney to speak about your options. Contact an experienced bankruptcy lawyer in Phoenix today.