' Should You File Bankruptcy Before or After Divorce?
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Should You File Bankruptcy Before or After Divorce?

should you file bankruptcy before or after divorceMarriage and finances can be a tricky combination. Timing is also an issue when it comes to filing for bankruptcy. One of the most common questions divorce and bankruptcy attorneys hear is “Should you file bankruptcy before or after divorce?”

Here’s what you should know:

Often spouses find themselves facing financial troubles during their marriage. For many, it eventually leads to a divorce.

In such a scenario, it becomes vital to explore your options – filing for bankruptcy and divorce. Both legal issues can create overwhelming stress. When you factor them together, the process becomes even more complicated. Guidance and support from experienced legal professionals are essential during this time.

Filing before Divorce

If you’re married and considering bankruptcy, the first thing you should know is that you can file jointly or individually. Joint bankruptcy might help you and your spouse to take care of debt before divorce which can allow you to start post-marital life fresh.

However, it’s essential to consider all aspects of your financial life before making a final decision, including how your property and debts can be affected. Filing for bankruptcy before a divorce can make an impact on your spouse’s property, income, and even child support/alimony.

For example, if you’re filing a joint petition, your bankruptcy can discharge a credit card debt that you shared with your spouse, but it won’t discharge any debts that you’re solely responsible for.

Filing after Divorce

Filing for bankruptcy after divorce would give each of you a fresh start and a chance to move forward free from the burden of accumulated debts. As an individual debtor, you’ll have more control over the bankruptcy process if you file after your divorce, particularly if your spouse is uncooperative.

However, timing is an essential factor that needs to be considered while filing. If the divorce settlement was recent, your settlement can impact your bankruptcy either positively or negatively.

For example, if you’re assigned property in the divorce settlement, that property could become a part of your bankruptcy estate.

Property Division

Settlements related to property division may require legal assistance to determine what is and what isn’t treated as property. Some assets, like retirement accounts or pensions, can create debt and tax liabilities that may not benefit an individual filer’s financial situation. When figuring out when to file for bankruptcy, it’s essential to understand how your assets and debts will be divided in the divorce.

The decision to file for bankruptcy before or after divorce can often be difficult. Understanding how each will impact your situation can seem overwhelming. It’s important to reach out to an experienced bankruptcy attorney for guidance. They’ll help you navigate the legal process and consider all of the various factors.

Your attorney may recommend that you file before or after your divorce, or he or she may suggest waiting until after your divorce is final. Make sure you take the time to consider your financial position and the various factors in your divorce. And always seek professional advice before moving forward.

Understanding all of the legal and financial consequences when contemplating bankruptcy before or after divorce can help you make an informed decision. This makes the process slightly more manageable.

For more information, contact the Law Offices of Robert M. Geller at 813-254-5696 to schedule a free consultation with an experienced attorney.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Can You File Bankruptcy with Equity in Your Home?

For many individuals facing financial hardship, their home represents their most significant asset. However, when struggling with overwhelming debt, the...
Read More

Are Trusts Protected from Bankruptcy?

Trusts are powerful estate planning tools. They allow people to protect and distribute their assets according to their wishes. This...
Read More

The Truth About Bankruptcy and Buying a Car

The Truth About Bankruptcy and Buying a Car Bankruptcy often carries a stigma of financial ruin and a bleak future....
Read More

How Do Bankruptcy Lawyers Get Paid?

Bankruptcy can be a stressful and overwhelming experience, but having the right legal representation can make all the difference in...
Read More

Do You Lose Your Home When You File for Bankruptcy?

Filing for bankruptcy can be a daunting prospect, especially when it comes to concerns about losing one's home. Your home...
Read More

Can You File Bankruptcy During a Divorce?

Divorce and bankruptcy are personally difficult and also complex legal processes that can have significant implications for your financial future....
Read More

Can You File Bankruptcy on Restitution?

Facing financial struggles can be overwhelming, especially when debts include complex legal obligations like restitution. What is restitution and how...
Read More

Can You File Bankruptcy After a Judgment?

Receiving a judgment against you in a lawsuit can be a distressing experience. This is especially true if you're already...
Read More

Can Back Taxes Be Included in Bankruptcy?

Dealing with back taxes can cause a lot of stress and financial burden for anyone facing financial hardship. If you're...
Read More

Can an Estate File for Bankruptcy?

Many people wonder whether or not an estate, such as the one left behind after someone passes away, can file...
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

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
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) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions