Bankruptcy and Divorce
Both bankruptcy and divorce are disturbing life events for most people. Almost no one sets out planning to file bankruptcy someday or get a divorce someday. In both circumstances, there will be losses and gains. If you are considering filing bankruptcy, you may have already lost your good credit record — or soon will. Getting a divorce often signals a disruption in a lifestyle for an entire family.
The silver lining on the opposite side of the clouds of bankruptcy and divorce is the opportunity for a fresh start. After months or years of struggling with debt and struggling with a failing marital relationship, many people experience great feelings of relief and awareness of new possibilities after bankruptcy as well as after divorce.
If You Can Work Together, You Should
If you are approaching divorce and bankruptcy simultaneously, you may wonder which should come first. At Bird & Van Dyke, Inc. – A Professional Law Corporation, we believe it is safe for us to say your divorce lawyer will most likely agree with our recommendation:
If you and your soon-to-be ex-spouse can cooperate well enough to file for bankruptcy before or during your divorce, it will be beneficial to both of you.
Two spouses can file for bankruptcy for the same price as a single individual. This represents considerable savings in terms of attorney’s fees and court costs. Furthermore, with the bankruptcy out of the way, property division and division of debts in your divorce will be more clear-cut.
Be sure to tell your divorce attorney you are considering bankruptcy. Planning ahead can prevent ugly surprises as you and your spouse agree to a division of debts and assets.
Our Bankruptcy Attorneys Can Advise On Division Of Marital Debt
Divorce? Debt? Attorneys at Bird & Van Dyke, Inc. – A Professional Law Corporation are prepared to tailor advice to your individual circumstances.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.