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Bankruptcy & Divorce

Bankruptcy & Divorce

Should I file before or after a divorce proceeding?

Financial issues can lead to divorce, and divorce can lead to financial issues. If you are facing either of them, you may be considering filing for bankruptcy. There are some advantages to filing for bankruptcy prior to a divorce is finalized and some to filing after a divorce has already happened. Discovering which option is best for you can be determined based on your financial situation and the situation in which you find yourself with your spouse.

If a married couple is considering divorce, but also need to file for bankruptcy, it could be to their advantage to file together. A married couple can even file together if they are no longer living together or are separated. The advantage to filing together before a marriage is dissolved, is that you will only need to file once and can save yourself two filing fees. However, it is important to note that it may be hard to maintain a Chapter 13 bankruptcy after a divorce is finalized or during the divorce process.

Even if you are in the middle of your court proceedings to try to finalize a divorce and you are trying to file to get out of alimony or child support, you need to note that this is not possible. Just like bankruptcy will not get rid of student loan debt, bankruptcy cannot get rid of child support payments or alimony. Although there may be some modifications made to a divorce decree to offer assistance, you will never fully rid yourself of these payments. Filing a Chapter 13 bankruptcy however, can help you consolidate your debt and offered you time to pay back your child support or alimony in a reasonable manner.

Contacting an Attorney

If you have questions regarding your eligibility, filing status or divorce process, it is important that you contact an attorney. When you speak with a lawyer, you need to upfront about not only your financial situation, but your relationship situation as well. This could make a huge impact on how you file and what you are eligible to file under. If you are ready to contact an attorney, call our firm today for a free case evaluation.