Divorce and Bankruptcy

Everyone knows that financial stress is a major cause of divorce, and therefore, we see many couples who have filed or already finalized a divorce prior to an initial consultation with us. By speaking to one of our attorneys, you can learn how filing a bankruptcy can discharge your debt, relieving your family’s financial stress, while providing your marriage with a second chance to grow without worrying about insurmountable credit card debt, etc.

Equally important, if saving your marriage is not your goal, then you should still understand that bankruptcy can oftentimes resolve financial issues in divorce easier and less expensive. If there is any chance of bankruptcy on the horizon following a divorce, then there are certain risks you should be made aware.

Do You Wish to Ease Your Financial Burdens to Avoid Divorce?

Depending on your financial circumstances, a bankruptcy can often relieve the numerous stresses caused by substantial debt. Many people do not realize (generally because divorce is a very emotional and stressful time preventing any person in a similar situation from thinking clearly) that if certain financial decisions or transactions could be undone, or if they no longer had to make ridiculous monthly credit card payments, or if they could have a more reasonable and realistic means to get caught up on house payments, then the financial stresses in their marriage could potentially be eliminated thereby intercepting and dismissing the hasty emotional and irrational reactions to seek divorce. Please contact us as soon as possible so that we may help you and your spouse.

Has Your Divorce Been Finalized?

If your divorce is final and you are now considering bankruptcy, whether the divorce was 6 months ago or 5 years ago, then you must understand that the marital settlement agreement you entered with your spouse or the judgment of dissolution of marriage (some refer to it as a divorce decree) may dictate the type of bankruptcy you need to file in order to get some of the benefits discussed in this website. You should contact our office as soon as possible to determine how your bankruptcy should be structured to receive the benefits bankruptcy has to offer.

Are You Strongly Contemplating Divorce or Currently in the Divorce Process?

VERY IMPORTANT: please read the following if you are considering or in the middle of a divorce. As a general rule, it is usually best to file a bankruptcy before a divorce is made final. A married couple can file a joint bankruptcy even though a divorce may be finalized before the bankruptcy is complete. After reviewing the facts and choices of each spouse, it may be best that one spouse files a Chapter 7 bankruptcy and the other spouse a Chapter 13, or any variation of the two types of bankruptcies—it is possible that only one spouse files for bankruptcy and the other does not. In most divorces, the spouses fight over the children or financial issues. Divorces in which one spouse or the other has accumulated enough debt to consider bankruptcy, the financial issues could be resolved easier, faster and cheaper simply by filing bankruptcy. Again, you should speak to a bankruptcy attorney about these benefits and how they apply in your particular situation.

Important Disclaimer: The information discussed above and throughout this website should not be relied upon to make any decisions without first speaking to a bankruptcy attorney. There are many intricate rules of law governing bankruptcy with many exceptions to the general rules that could change the advice given by an attorney based on the differing facts in each person’s special set of circumstances. THEREFORE, it is important to discuss any information contained in this website with one of our attorneys before taking any action or refraining from taking any action.

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