When Bankruptcy And Divorce Intersect, We Are Here To Help
Financial problems are one of the leading causes of divorce, and divorce has the potential to result in financial hardship. Since bankruptcy and divorce frequently go hand in hand, it is wise to choose a bankruptcy attorney who can not only handle your divorce but also develop a feasible strategy regarding when to file bankruptcy.
Mahaffey & Associates, LLC, represents clients throughout northwest Ohio and southeast Michigan. Our skilled Sylvania bankruptcy and divorce lawyers can walk you through your options for filing bankruptcy. Whether that means filing before or after divorce, you can feel confident that we will steer you in the most advisable direction.
Bankruptcy Before Divorce
Is the majority of debt in both of your names? If so, the advisable strategy may be to file for joint bankruptcy prior to beginning divorce proceedings. When couples with marital debt file bankruptcy, they can avoid many debt-related property division negotiations associated with the divorce. After your divorce, you and the other party will not be eligible to file joint bankruptcy.
Bankruptcy After Divorce
It is more expensive for two people to pay for two households than one. After a divorce, you may find yourself struggling to pay your living expenses along with child support and spousal support. While child support and spousal support are not dischargeable debts, other types of debts are – credit card debt and medical bills, for example. By filing Chapter 7 or Chapter 13 bankruptcy, you can eliminate your dischargeable debt, thereby freeing up your money to cover support payments.
Contact Our Attorneys For Information On Bankruptcy And Distribution Of Debt After Divorce
We welcome the opportunity to sit down with you, examine your financial situation, examine your divorce situation and help you determine the best possible strategy. Call (419) 827-5008 or contact us online to schedule a free initial consultation with an attorney from our firm.
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