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Deciding to filing for bankruptcy can be a tough decision. If you are married, deciding how to file for bankruptcy can be an even more difficult decision to make. In some cases, it is better to file jointly with your spouse, but sometimes it is better to file independently. The following are all important considerations in deciding whether to file jointly or individually:

Who Owns the Debt?

If you have incurred debt in your name only, filing independently may be the best option for your situation. Under these circumstances, your spouse will still be liable for his or her own debts and any joint debts. If most of your debt is joint debt, you can discharge all of your joint debt through bankruptcy.

What Property Do You Own?

Another important consideration is whether you and your spouse own any property and whose name is on the property. You will need to determine what property is exempt and what is not exempt. Keep in mind that property includes everything from homes and to home furnishings and jewelry.

Are You Both Eligible?

If your spouse has previously filed or completed the bankruptcy process, he or she may not be eligible to file again. There are limitations on how often you can file which vary depending on the type of bankruptcy. This is an important consideration because it may settle your decision even if you would like to file jointly.