Bankruptcy and DivorceBankruptcy and divorce are two words that many times are spoken in the same sentence. One often follows the other because financial issues are usually the main cause for the dissolution of marriages. Many times a person will wait to see if their financial situation will improve. This causes stress in the relationship and a breakdown of the family.

The Things You Should Do

If you are married or separated, speak with a bankruptcy attorney before the courts make the divorce final. You and your spouse can choose to file for Chapter 7 bankruptcy before you two get divorced, and this way you can avoid paying separate fees.

Bankruptcy and Divorce : File Jointly

If bankruptcy and divorce is in your immediate future, filing for bankruptcy while you are still going through the divorce can help you and your spouse save on a divorce attorney’s fees. It also eliminates delegating who has to pay which bills. The two of you can simply include all of the bills under the filing.

Would You Want To File Chapter 13?

Spouses who are not on the best of terms may want to avoid filing Chapter 13. This type of filing requires long term cooperation with the bankruptcy court and this can last between three to five years. Many divorcing couples do not want to spend that length of time interacting with someone they no longer want to be around.

However, this type of filing often occurs when someone has a valid reason for not filing for Chapter 7.

Individuals who are considering bankruptcy and divorce should schedule a consultation with an experienced bankruptcy attorney.  The attorney will speak with you for free during the initial meeting. Eliminating the financial stress that is causing problems may be able to save the relationship.

Douglas Jacobson Law Firm has represented thousands of debtors in bankruptcy court and the firm also specializes in non-bankruptcy solutions. Contact us for a free consultation.