What is the difference between a joint bankruptcy filing and an individual filing?

A joint bankruptcy filing is when two people file for bankruptcy together. This could be two spouses, two business partners, or any other combination of two people. With a joint filing, both people are responsible for all the debts and liabilities that the bankruptcy covers. An individual filing is when only one person files for bankruptcy. With an individual filing, only that person is responsible for any debts or liabilities related to the bankruptcy. The main difference between a joint bankruptcy filing and an individual filing is who is responsible for the debts and liabilities. With a joint filing, both parties are jointly and severally responsible for the debts and liabilities related to the bankruptcy, meaning they are each responsible for the entire amount of the debts and liabilities. With an individual filing, only the person filing for bankruptcy is responsible for the debts and liabilities.

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What is the difference between a joint bankruptcy filing and an individual filing?

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