Couples filing for divorce often face significant financial difficulties. Excessive debt is one of the leading reasons why people file for divorce in the first place.
Bankruptcy can play a role in divorce in two types of situations:
Financial problems are the leading cause of financial difficulty A divorce will result in extreme financial hardship for both parties
No matter what your situation, you should evaluate all of your bankruptcy options to determine which steps to take.
Joint bankruptcy. Married couples can file for joint bankruptcy jointly. However, if they wait until they are divorced, they must each file bankruptcy individually. Joint bankruptcy is advantageous in that couples do not have to pay separate legal costs and other fees. However, certain situations such as conflicts, debts, and divorce status may force individual filing. Married but filing individually. A married person can file for bankruptcy individually without their spouse. If most of the debts are just in one spouse's name, this is usually a good solution. However, the court will want to know about both spouses' incomes and expenses if they are still living together.
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There are certain debts and expenses that a bankruptcy will not discharge.
Child support. You cannot use your bankruptcy to discharge your child support. If one of your divorce orders was to pay all or part of your child's debts, this could be considered child support. Alimony. Spousal support is also exempt from bankruptcy. You may be ordered to pay your ex-spouse's legal fees, which can be considered a form of alimony. Property and debt settlements. A change to the 2005 Bankruptcy Code allows your ex-spouse to hold you liable to debts you owe jointly, such as charges on a joint credit card.
Chapter 7 and Chapter 13 bankruptcies are the most common types of bankruptcies filed by individuals. Depending on your individual circumstances and the circumstances of your divorce, you may want to choose to file under one of these chapters rather than the other for the additional benefits it provides. A qualified bankruptcy attorney can help explain to you your legal options and determine the best steps to take depending on your particular divorce situation.
If you are facing excessive debt or other financial difficulties while at the same time experiencing domestic issues, you need experienced legal assistance to help you sort out your situation and work toward financial stability. To learn more about your bankruptcy options, visit the website of Milwaukee bankruptcy attorneys of the DeLadurantey Law Office.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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