Time Restrictions for Joint Bankruptcy

Facing financial difficulty can be a very trying time in your life. You may feel like you have no one to turn to, but you do have options for getting out of debt so that you can secure a fresh financial start. If you are married, you actually have several options available to you when considering bankruptcy.

While almost anyone can file for bankruptcy individually, married couples have the additional option to file a joint bankruptcy case where both spouses are filing for bankruptcy. There are many restrictions in place that regulate who can file for joint bankruptcy and when this is an option. One important restriction involves any previous bankruptcy filings in either spouse’s past.

Time Restraints and Joint Bankruptcy

There are advantages and disadvantages to filing for joint bankruptcy and you should discuss them with an experienced bankruptcy attorney before moving forward. One thing that can keep a couple from being allowed to file for joint bankruptcy is if one of the spouses had previously filed for individual bankruptcy. There are strict time limitations regarding when one can file for bankruptcy, and these are as follows:

• A couple cannot jointly file for Chapter 7 bankruptcy if one spouse already filed in the past eight years
• To file jointly for Chapter 13 bankruptcy, you must wait four years if one spouse previously applied for Chapter 7 and two years if he or she previously filed for Chapter 13

Before filing for joint bankruptcy, make sure you and your spouse qualify. Check financial records and consult with a qualified bankruptcy attorney to make sure your filing will be accepted.

Contact Us

For more information on filing jointly for bankruptcy, contact the Arizona joint bankruptcy lawyers of Webb, Wade, Taylor & Thompson, LLC, today at 480-829-0494.