Couples who file for divorce often face significant debt problems, either before or after the divorce. In fact, financial issues are a leading cause for why people decide to divorce in the first place. In other cases, extreme financial hardship for one or both parties can come about as a result of a divorce.
Many people choose to file for bankruptcy before, during, or after a divorce. If you are considering a divorce while at the same time experiencing severe financial difficulties, it is important to be aware of your different options for filing for bankruptcy:
- Joint bankruptcy: A married couple can file for a bankruptcy together. This way, couples are not forced to pay separate legal fees and other costs.
- Married and filing individually: Even while married, a person can file for bankruptcy without their spouse. This is a good solution if many of the debts are actually just in one spouse’s name. Despite this, the court will gather information about the incomes and expenses of both spouses as long as they living together.
- Single and filing individually: People who wait until after divorce to file for bankruptcy are forced to file individually. Certain conflicts and debts might make filing for bankruptcy after divorce the best option.
If you are facing excessive debt and are considering bankruptcy in the midst of a divorce, you should clearly understand all of your options before deciding which actions to take.
An experienced Milwaukee bankruptcy lawyer from the DeLadurantey Law Office, LLC can evaluate your situation and help determine when and if you should file for bankruptcy. Contact our offices today at 414-377-0518 for professional and understanding legal assistance.