Personal Bankruptcy vs Joint Bankruptcy. Which Should You Choose?


Category: Personal Bankruptcy (4) comments

It is important to understand that if you file for personal bankruptcy it does not mean that your spouse has to declare bankruptcy as well. However if both spouses owe significant debts, either individually or together, it may be necessary for each spouse to consider bankruptcy as a way to eliminate their debt. In addition, they may need to make a decision to file either jointly or individually. Our easy to read infographic explains some of the facts behind what a joint bankruptcy is and under what circumstances it might make sense.

Joint Bankruptcy or Personal Bankruptcy

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  1. Stephanie

    Just looking to file for bankcruptcy as i cant afford my truck payment, i have loan payments that come out as well. Can someone please help me get this started. With bankcruptcy is my vehicle loan included? Or do i have to do repo?

    Reply
    1. J. Douglas Hoyes

      Hi Stephanie. Yes, we can help you get this started; please contact one of our local trustees today to answer your questions and get started.

      With your truck, you have two choices: you can keep paying for it, and keep the truck, or you can surrender the truck to the lender, and the shortfall will be included in your bankruptcy. Your trustee can explain this process in more detail.

      Reply
  2. Judy A.

    wondering what happens to for instance a washer and dryer that is one of my bills that I am still paying for. Will the store come and take it back? I becme a widow Oct 18th 2014 and have since gone down hill. Thank you

    Reply
    1. J. Douglas Hoyes

      Hi Judy. Generally, no, you will not lose a washer and dryer if you don’t pay for it, for two reasons:

      First, the cost to repossess a washer and dryer is expensive, and the store cannot resell used appliances, so there would generally be no advantage to them to repossess it.

      Second, in most cases a store will not register security over a household item, so they have no legal right to seize it.

      To find out for sure, a licensed insolvency trustee can review the sales documents from your washer and dryer and give you more specific advice.

      Reply

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