Marital and financial problems are two of the most challenging things many adults will face in their lifetime. If you experience them at the same time, things can get even more confusing. If you find yourself separating from your partner but are thinking about declaring bankruptcy before your divorce, here are some essential that you need to know.
Individual or Joint Filing Status
There are many variables when it comes to declaring bankruptcy before divorce, and one of the big ones is choosing whether to file as an individual or jointly as a couple. Both have their benefits and drawbacks, and deciding which makes the most sense for your situation can be a real challenge. This is where the guidance of an experienced attorney can really be an asset early in the process.
Choose the Right Filing Status
When choosing to declare bankruptcy, you’ll have to decide between Chapter 7 and Chapter 13 declarations. If you qualify and if you are not behind on a home or car payment, Chapter 7 Bankruptcy is oftenthe right choice for couples about to enter the divorce process because of (among other reasons) its abbreviated timeline (usually discharged in a few months). Chapter 13 is also another option, but can take years to complete because of repayment structures. This filing can also delay divorce proceedings, and is genuinely not recommended except in certain specific situations.
Remember: Patience and Persistence Pays Off
Both bankruptcy and divorce are two situations in which most people never want to find themselves. They’re difficult not only because they impact you financially, but emotionally as well. The best way to combat these issues that can sometimes feel so out of control is to find an attorney that you can trust to help guide you through the process from beginning to end.
Leinart Law Firm focuses solely on achieving the best bankruptcy results for our clients. For more than 10 years, we’ve served the Dallas area with our knowledgeable and compassionate counsel. To get started, contact us now at 800-518-3328 for your free consultation.