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

A joint bankruptcy filing is when two people who are in a legal relationship (such as spouses or business partners) file for bankruptcy together. The two people are responsible for repaying any debts that are discharged. An individual bankruptcy filing is when just one person files for bankruptcy. The main difference between a joint bankruptcy filing and an individual filing is in how the debt is discharged. In a joint filing, both people are responsible for the debt, while in an individual filing, just one person is responsible. Additionally, the types of debts that can be discharged may differ. For example, in Virginia, some debts, like certain student loan debts, cannot be discharged in a joint filing. However, those same debts may be discharged if one person files for bankruptcy individually. Furthermore, the type of bankruptcy that can be filed may differ. In Virginia, a joint filing can be done under either Chapter 7 or Chapter 13, whereas an individual filing can only be done under Chapter 7. Finally, there may be different filing fees and costs associated with each type of filing. In conclusion, there are several key differences between a joint bankruptcy filing and an individual filing. These include the debt that is discharged, the type of bankruptcy that can be filed, and the fees and costs involved. It is important to consider these differences when deciding which type of filing is right for you.

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

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