While it is unfortunate that husband and wife should ever separate, it’s equally miserable that divorce and bankruptcy have a longstanding partnership. In the face of mounting debts and divorce, there are many factors to consider.
While it is no substitute for the legal advice based on your specific situation, our website has several resources to help you determine if bankruptcy is right for you, and if you should file a chapter 7 or chapter 13. Of course, when a divorce or separation is in the mix, the decision is even more complicated.
Will you file before or after the divorce?
By far, the biggest and most complex question applies to the timing of the bankruptcy. Filing before your divorce allows you to file jointly and can simplify the division of assets, but it can also drag out the divorce process. Filing after the divorce eliminates the option of a joint filing, but it may allow you to retain more assets.
If you are considering a bankruptcy, divorce, or both, you’ll quickly find that many attorneys can only help you with one or the other. Scott M. Schweiger is one of few attorneys who understands both divorce and bankruptcy and the legal implications they have on each other. This can save you time and money when both are in short supply.
Each situation is unique, so it’s important to consult with an attorney before beginning either process. Even if you have already filed, it’s not too late to seek expert help. Click or call today for help.