' Bankruptcy and Family Law - Law Offices of Robert M. Geller
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Bankruptcy and Divorce: The Far-from-Perfect Storm

bankruptcy and family lawBankruptcy and Family Law

Bankruptcy and divorce separately are two of the most stressful events you can experience in your life. Having to go through them simultaneously is nearly unimaginable for most people. But there is a select group of the unlucky few who must deal with both of these issues at the same time.

If you’re in the midst of a divorce and you need to file for bankruptcy, or mid-bankruptcy your marriage ends, you aren’t the first to face these situations. Bankruptcy and family law attorneys deal with situations such as this all of the time. Knowing how to deal with these challenges when they occur simultaneously will make things go as smoothly as possible.

Timing of Divorce and Bankruptcy

If you suspect divorce is on the horizon and you’re also dealing with financial challenges, should you file for bankruptcy now or wait to see what happens with your marriage?

The first thing to understand is that if you are divorcing during bankruptcy, one will take precedence over the other from a legal standpoint. In most situations, bankruptcy cases are suspended while divorce issues are resolved. This allows a divorcing couple to sort out their marital debts and assets before bankruptcy court involvement.

This is good news.

Trying to juggle your divorce and bankruptcy at the same time is almost impossible. Most bankruptcy and family law attorneys recommend you file for divorce before you jump into bankruptcy proceedings. This isn’t the best solution for everyone, but most people fall into this category.

If you’re working with a divorce attorney and considering bankruptcy, he or she should be able to provide some advice regarding how to proceed. If you still aren’t sure, a bankruptcy attorney can help you decide.

Does It Ever Make Sense to File for Bankruptcy Before You End Your Marriage?

There are a few instances when filing for bankruptcy before divorce is smart. In some cases, doing so allows you to cancel joint marital debts. Some debts are divided in a divorce and tackled individually when each of you files for bankruptcy after divorce.

It might be a good idea to file for bankruptcy jointly, though, because it can make the divorce process easier. It also costs less and takes less time. There are also situations in which you get to keep more of our assets if you divorce first and then file for bankruptcy.

You and your bankruptcy and family law attorney can discuss the specifics of your situation.

How Bankruptcy Affects Spouses’ Credit Scores

One of the reasons people want to file for divorce before filing for bankruptcy is because they think it can protect their credit score or the credit score of their former spouse. Unfortunately, this isn’t always the case.

If you intend to separate your finances through divorce hoping that it will prevent bankruptcy issues from being any more damaging than they already are, you might find out this is impossible to achieve. The truth is filing for bankruptcy when you’re married, in the process of divorcing, or recently divorced, impacts both spouses. You can learn more about how filing for bankruptcy affects your credit score here.

Learn More about Bankruptcy and Family Law

If you have questions about divorce and filing for bankruptcy, we can help. Contact the Law Office of Robert M. Geller at 813-254-5696 to schedule a free consultation.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Should I File Bankruptcy without a Lawyer?

Filing for bankruptcy can be a daunting process. Many people wonder if they should tackle it alone or hire a...
Read More

How Does Bankruptcy Affect My Credit Score?

Filing for bankruptcy is a significant decision. It can have a lasting impact on your financial future, especially your credit...
Read More

Can You File Bankruptcy on a Title Loan?

If you're struggling with debt and have a title loan, you may wonder if bankruptcy can help you escape that...
Read More

Will Bankruptcy Affect My Security Clearance?

When you're facing financial difficulties, the prospect of bankruptcy can be daunting. This concern is amplified if you hold or...
Read More

What is Involuntary Bankruptcy?

Bankruptcy is a legal process that allows individuals or businesses to resolve their debts under the protection of a bankruptcy...
Read More

Is It Bad to File Bankruptcy at a Young Age?

Filing for bankruptcy is often viewed as a last resort for those overwhelmed by debt. While it is a significant...
Read More

How Far Back Does the Bankruptcy Trustee Look?

Filing for bankruptcy is a complex process that requires full transparency and cooperation with the bankruptcy trustee assigned to your...
Read More

Can Bankruptcy Be Reversed?

Bankruptcy is a legal process designed to help individuals and businesses eliminate or repay their debts under the protection of...
Read More

Can I Sell My House While in Bankruptcy?

Filing for bankruptcy can be a complex and stressful experience, especially when it comes to your significant assets like your...
Read More

Does Bankruptcy Clear Attorney Debt?

Filing for bankruptcy is a complex process that often requires the expertise of a bankruptcy attorney to navigate successfully. However,...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.536.4468

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 328-6667
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 274-9155

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 492-2663

Map And Directions