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  • Everything You Needed to Know About Bankruptcy and Divorce

    Everything You Needed to Know About Bankruptcy and Divorce

    There is no denying the fact that both bankruptcy and divorce are an emotionally disturbing sequence of events which can cause drastic changes in your life. If anything can be worse than these two, say Dallas based bankruptcy law firm https://bankruptcy.staging.recoverylawgroup.com/, is having to undergo both at the same time. Since both the issues are equally important, you will be needing the assistance of expert attorneys if you wish to file for both simultaneously. Though it is manageable, however, it is often suggested to avoid filing for both together. If you have any doubt regarding which should precede, you need to consult with expert bankruptcy lawyers at 888-297-6023.

    Filing for bankruptcy and filing for divorce can take a toll on you. Not only is the situation extremely stressful, but it also requires your time and attention on two different yet equally important aspects of your life. It is therefore important that you file for both of them at different times if possible. many lawyers suggest that filing for bankruptcy should be done prior to filing for divorce, while others suggest the opposite. Since the individual situation varies from client to client, there are no hard and fast rules recording what should be done in such a situation. Generally, people opt for whatever works in their favor.

    In case, the divorce between the spouses is to be resolved amicably, filing for bankruptcy jointly would help you save on bankruptcy filing fees as well as protecting you against the debt which both of you had accumulated. This works best in case of couples having joint property. Moreover, filing for bankruptcy often simplifies your assets and debts when you go through a divorce. However, the downfall of filing for bankruptcy jointly is that you might be disqualified from filing for chapter 7 bankruptcy due to the joint income which is higher than the average income of the state.

    Some debts are eliminated when you file for a Chapter 7 bankruptcy; while others survive bankruptcy and you must continue paying for them. Liabilities which survive bankruptcy include court fines, government fines, certain taxes, student loans, alimony and child support. Irrespective of the terms of your divorce, you are liable for the above-mentioned debts and would have to continue paying for them. It is therefore important to find an attorney who guides you through these life-altering changes in a manner that helps you resume your life after these events.


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    • Bankruptcy & Divorce – Not a wise idea!

      Bankruptcy & Divorce – Not a wise idea!

      It is definitely not a great feeling to go through a personal crisis of bankruptcy and divorce at the same time. There can be a tight interlink between the two, as divorce can lead to a bankruptcy situation as assets may get separated and also if you are turning bankrupt as a married couple, you are definitely turning unhappy with your partner leading to a divorce. Despite this link, it generally isn’t a great and wise idea to file for divorce and bankruptcy at the same time. Let’s learn how!

      • As the court may request financial income information about the partners when filing for bankruptcy, it will be difficult to identify the needed information to be furnished in the court. The same applies to share of financial information to the family court related to your divorce
      • Filing for bankruptcy will halt all legal actions against you and your assets. Hence it will be difficult to divide the properties between the partners and selling of the same will be quite impossible too
      • Declaring all of your assets, debts, income and financial information is a mandatory process to be followed while filing for bankruptcy.
      • If you are struggling in a divorce scenario, it becomes a herculean ordeal to determine who owns what!
      • If you have applied for divorce at the same time as your bankruptcy, the divorce may get delayed in order to see the outcome of the bankruptcy filing case. A longer divorce journey can be emotionally draining for both the partners along with their family

      How can you mitigate the scenario of separation and divorce?

      There are some ways to handle this situation of filing for bankruptcy and also seeking a divorce. Here is one of it –

      • File for a Chapter 7 bankruptcy instead of Chapter 13 as the process is generally quicker with Chapter 7.
      • The ideal time of completion is between four and six months when opted for Chapter 7 and it can take up to five years in the case of Chapter 13 (as this involves a repayment plan).

      Hence you can get over with a Chapter 7 bankruptcy case in about half of a year and then move on to seeking the divorce.

      Some key points to remember

      When dealing with bankruptcy and divorce, here are some key points to remember

      •  Some debts associated with divorce cannot be discharged when you file for bankruptcy. Debts such as alimony, child support and attorney fees for cases related to child custody fall under this category. They continue to remain after your bankruptcy too and the debtor needs to ensure that they are repaid
      • Handling of the bankruptcy cases and divorce case needs to be delegated to different attorneys in order to avoid conflicts of interest.
      • If as a debtor and a married person, you find yourself in a situation of handling bankruptcy and a divorce case, get the expert assistance from law firms such as the Recovery Law Group. They deal with your cases with their skilled experience of handling several clients in the past.


        *Are you more than 60 days past due on your mortgage?

        *Do you own a home?

        Are you currently working?

        By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.