• Wed. Jun 29th, 2022

Is it better to declare bankruptcy before or after a divorce? | On your debt

It’s really not a yes or no question! Everyone’s circumstances vary, but there are a few scenarios we see on a regular basis.

First of all, if you find yourself with a mountain of joint debts about to divorce, our first recommendation is to seek advice on the benefit of filing joint bankruptcy prior to divorce. It may possibly and our prayer to Bond & Botes save your marriage. Especially if mounting debt is causing the majority of your marital strife. But even if you ultimately decide to divorce, it could give you both a total fresh start down the road.

If you need to seek advice, individually or jointly, on filing for bankruptcy before a final divorce decree, it is important to let your bankruptcy attorney know that you are considering a divorce. Your bankruptcy attorney can then give you the smartest advice on how to handle individual or marital debts. It is also important to provide your divorce attorney with your bankruptcy information so that he can draft a decree in accordance with the treatment of debts you have chosen with your bankruptcy.

In many cases, one or both of the spouses are ultimately driven into bankruptcy after the divorce is already final. This isn’t necessarily a problem, but you should be prepared to provide your bankruptcy attorney with a copy of your divorce decree. It can be helpful in building a successful bankruptcy case for you if the executive order contains language regarding how certain joint debts should be handled. One of our experienced lawyers can advise you on this process.

If you have any questions or concerns about this, I invite you to contact our office.

Bond & Botes helps people struggling with debt

We are local and offer a free, confidential face-to-face consultation. We also offer free consultations from the comfort and safety of your home or office by phone and/or video with an experienced lawyer if you wish. Let us solve your financial problems. There’s no obligation, and that means there’s no downside to gathering the information you need to make good decisions about how to break the cycle of debt stress and go forward. We can answer all of your questions regarding Chapter 7 bankruptcy, Chapter 13 bankruptcy, stopping a foreclosure or wage garnishment, avoiding liens, stopping a lawsuit, l medical debt, personal loans, payday loans, credit card debt, etc. We can relieve your stress! We want to help you and we can help you!

Bond, Botes, Sykstus, Tanner & McNutt, PC

The Web: www.bondnbotes.com

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No representation is made that the quality of legal services to be provided is superior to the quality of legal services to be provided by other attorneys.