Filing a Joint Bankruptcy if You've Previously Filed Bankruptcy

A joint bankruptcy is never guaranteed.  The issue surrounding that notion is that both bankruptcy estates may not necessarily be combined. For example, if you are married, and you already have a prior bankruptcy on your personal record, chances are that filing a joint bankruptcy is not only a wrong move, but an utter waste of time.  For one thing, your prior bankruptcy status will bar you from filing a joint bankruptcy.  Another issue is, just because you are married does not mean that all of your debts will be combined and eradicated by filing a Chapter 7 or a Chapter 13 bankruptcy.  Furthermore, if one spouse makes more than the other the combined income might be entirely too much to have any of your debts written off.

Problems with Joint Bankruptcy

While some married couples may think that it is a good idea to file joint bankruptcy, it could actually be better if one spouse filed bankruptcy individually.  This way your debts can be settled based solely on your income and not a combined income.  Additionally, it will allow you to have a least one credit file that is not tarnished by the scars (and repercussions) of having a bankruptcy on the report.

Key Questions

In either instance (whether you are filing a joint bankruptcy or an individual bankruptcy) you should definitely consult with a bankruptcy attorney.  When you meet with the bankruptcy attorney you should ask an array of questions:

• You need to know how a bankruptcy will affect your life. 
• Ask what repercussions you might face should your spouse file an individual bankruptcy. 
• Additionally, ask whether it is better to file bankruptcy individually or joint. 
• Furthermore you need to know if you keep bank accounts and credit card accounts separate and your spouse files bankruptcy, you need to know how the bankruptcy will affect your accounts.
• Ask as much as possible about an community property that the two of you share, and will it be seized. You need to know how to protect your individual assets should your spouse file for bankruptcy. 
• Ask if protecting your individual assets are a possibility should your spouse file for bankruptcy. 

Getting Help

All of these questions and more you will need to know the answers to.  Without answers from a legal perspective, you will be left in the dark and you will be unaware of your rights during the process.  A bankruptcy attorney ensures that all of your assets are not seized and that none of your rights are violated.