How do you think the Supreme Court will rule on two landmark gay rights cases this week? The outcome could have an impact on federal bankruptcy filings. As things currently stand, a husband and wife can file a “joint” bankruptcy case at a greatly reduced price. This, however, is not allowed for legally married gay couples, who must still file separate bankruptcy petitions at the ordinary rate. If the Defense or Marriage Act is struck down by the Court, it necessarily stands that the Bankruptcy Code will likewise be amended to include the state-specific definition of marriage. That would allow gay couples in the nine states that currently allow gay marriage to file joint cases at a greatly reduced cost. The process is more streamlined, too.
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