If only one spouse files a bankruptcy it means that you will not have as many exemptions available to you. For instance the federal exemption for a vehicle in a bankruptcy is $3,450. If both spouses filed, you would each be able to exempt $3,450 of value in a vehicle for a total of $6,900. If only one spouse files, only $3,450 is available.

The flip side of this is that if only one spouse files, they can list their assets at half the value too, assuming their spouse is the owner of the other half of the value's asset. For instance if you would list a joint bank account on the bankruptcy that was worth $8,000, the filing spouse would say that only $4,000 worth of that asset is his because he is a joint owner. In this way, the assets are listed at half their value so you don't need as many exemptions.