Yes, if you and your spouse carry a lot of jointly held debts, it may make sense to file for bankruptcy jointly, which will allow you to double your exemptions in New York.
For property that you both own, expanded exemptions can mean dramatically improved protections over property like homes and vehicles, certain accounts, personal property, income, and more.
In New York, debtors must choose between federal and state exemptions, and cannot mix and match.
A bankruptcy attorney can help you understand your options and how best to structure your exemptions.
Call Zelenitz, Shapiro & D’Agostino today at 718-599-1111 for a free consultation.