Joint Bankruptcy Petition Law and Legal Definition
A joint bankruptcy petition refers to a single bankruptcy petition filed by a husband and wife. Joint debts normally include credit cards, car loans, and mortgages. In the case where only one spouse files for bankruptcy the other spouse is responsible for the balance of their jointly accrued debt. In the event of a joint bankruptcy petition, both spouses must abide by the same document filing requirements as individual bankruptcy filers.
Unmarried people, corporations, and partnerships cannot file joint bankruptcy petition. They need to file separate petitions.
