You and your spouse decide to divorce. You’re also drowning in debt. Before you file those divorce papers, both of you should consider, ‘Should we file for bankruptcy before or after we file for our divorce?’
A Chapter 7 bankruptcy can discharge your debts in as little as a few months. Because you must pay back some or all of your debts under a repayment plan, a Chapter 13 bankruptcy may take anywhere from 3 to 5 years. If you are in a hurry to divorce and your joint income does not disqualify you from filing a Chapter 7 bankruptcy, a joint Chapter 7 bankruptcy filed before you divorce is best. If your joint income will disqualify you from filing a Chapter 7 bankruptcy, a potential option is to get the divorce and file bankruptcy afterwards individually.
Another reason a joint Chapter 7 bankruptcy filed before a divorce complaint may work for you is because a bankruptcy will determine what debts, if any are left, and property are available to be divided up in a divorce. Keep in mind, however, that if you file your divorce complaint first and agree to keep being responsible for any jointly-held debts, a bankruptcy may not discharge this responsibility to your ex-spouse.
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Contact the “Milwaukee Foreclosure and Bankruptcy Attorneys,” DeLadurantey Law Office, LLC. DeLadurantey Law Office, LLC focuses on Chapter 7 and 13 bankruptcy, debtor’s rights, debt negotiations, debt relief, mortgage loan modifications, and foreclosure defense. A “defender of the little guy,” DeLadurantey Law Office, LLC serves the following location – Milwaukee, South Milwaukee, West Milwaukee, Waukesha City, Waukesha Town, Kenosha, Racine, and all other municipalities in Milwaukee County, Waukesha County, Kenosha County, and Racine County.
DeLadurantey Law Office, LLC: (414) 377-0518.
Designed for attorneys who would like to expand their practice into bankruptcy litigation or are a civil trial lawyer trying to protect the client’s interests when pending suits are thrown into the bankruptcy arena.
Wednesday, September 11, 2013 10-5 est