Which should I file for first: bankruptcy or divorce?

If you find yourself contemplating divorce and bankruptcy in Fort Mitchell, know that you are not alone. Many people find themselves in similar shoes as yours. Divorce can bring about heightened feelings of stress and frustration. These feelings can become even more difficult for you to handle if you are also experiencing so much financial difficulty that you feel bankruptcy is the answer. 

According to The Balance, filing for divorce and bankruptcy at the same time can cause delays with your divorce case. As stressful as this time may seem, it is best for you to consider the following information to help you when filing for divorce and bankruptcy. 

Filing Chapter 7 or 13 

The type of bankruptcy you file for can have a significant impact on your situation. Chapter 7 bankruptcy allows you to have all qualified debts discharged. Chapter 13 allows you to restructure your debts and enter into a three to five-year payment plan. Because Chapter 7 does not require repayment, it can be finalized in a short amount of time. 

It is possible for you to file for Chapter 7 alone or jointly with your soon-to-be ex-spouse and have it finalized before you start divorce proceedings. However, if you do not qualify for Chapter 7 and want to take advantage of Chapter 13, you may want to postpone filing until your divorce is finalized. 

Relationship terms 

The state of you and your spouse’s relationship can affect your outcome. If you and your partner are on good terms, you may not have anything to worry about when it comes time to fulfill all bankruptcy filing requirements. But if you and your spouse are constantly arguing and cannot agree or work together, they may not fulfill their obligations for the bankruptcy to be approved. 

It is important for you to anticipate all possible outcomes when considering divorce and bankruptcy. You should also seek out expert legal guidance to learn the best strategies to take to resolve your situation.

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