Joint or seperate?

February 11th, 2011 by Questions

What is the difference between spouses filing joint bankruptcy or individual bankruptcies, where debt is both joint and individual?

Posted from: British Columbia


One Response to “Joint or seperate?”

, A licensed trustee said:

In order to file jointly your debts need to be “all or substantially all the same”. In common law this means 90% or more of your debts are identical. If they are not then you shouldn’t be allowed to file jointly.

If they are then you need to decide whether or not it makes sense to complete the porcedure together. There may be a cost savings – paying for the procedure once instead of twice, but depending on your personal situation you may stioll want to keep things separate. This is the sort of thing you need to discuss with which ever trustee you are delaing with in detail BEFORE you file – there are too many variables for me to give you a decent answer here.

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