Filing Bankruptcy with Joint Debt

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Filing bankruptcy can be complicated. An experienced bankruptcy attorney can help you through the process, especially if you have any special or extraordinary circumstances. One of the circumstances that can complicate your bankruptcy is joint debt.

Joint debt is debt that involves you and at least one other person.  Often times, this other person is a spouse or business partner. When you have joint debt, all parties share the same legal responsibility for it. Joint debt most often occurs on large ticket items such as a home, real estate, business, or vehicle.

If you have any joint debt, it is important to disclose this to your bankruptcy lawyer. At the end of the day, if you file bankruptcy, the individuals you hold the joint debt with will become responsible for paying it back. In otherwards, while your bankruptcy attorney may list the debt in your filing, only you will be absolved from paying it back. This is another reason why speaking with a bankruptcy attorney is so important, as they can advise you on the options you have given your specific joint debt situation.

When it comes to filing bankruptcy, Charleston residents have trusted the Drose Law Firm for more than three decades. Our bankruptcy attorney and staff ease the stress and red tape associated with filing either Chapter 7 or Chapter 13 bankruptcy, helping you establish a clean slate and make a new start.  Not all bankruptcy lawyers understand the complexity of the laws associated with filing bankruptcy in South Carolina. Our bankruptcy lawyer is thorough and is always looking out for the best interests of our clients. Give Drose Law Firm a call to schedule your appointment today.