When filing for a divorce, a couple may cite financial strains as a reason for the split. However, if these stresses have come to a point of extreme debts, pointing towards bankruptcy, there may be some important steps to consider before going through with a divorce.
A first consideration is that filing for bankruptcy as couple is significantly less expensive than waiting until after a divorce. Not only are the bankruptcy fees halved by the nature of only filing one instead of two bankruptcies, but working through the full estate could be less costly to each person as opposed to working through two separate estates. Considering that bankruptcy requires attorneys fees for court proceedings, which can be a financial factor, simplifying bankruptcy and, therefore, simplifying divorce proceedings should be a priority.
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As filing for bankruptcy allows for a stop on creditor payments from debtors for a period of time before a payment plan can be worked through, it can be important to establish a bankruptcy plan before alimony and child support payments come into the picture. While the courts can pause some credit payments, divorce-related payments are still required to be paid on time. These payments could be a great financial burden for anyone already going through bankruptcy.
Exemptions also play a role in how bankruptcy and divorce interact. As exemptions can include housing costs and transportation costs, working with a complete estate as opposed to a divided estate can make exemptions greater for both individuals, allowing for more money to quickly deal with credit payments. There are multiple other complications to consider. To learn more about the dynamics of bankruptcy and divorce, contact an experienced bankruptcy attorney, who can walk you through the process of filing for bankruptcy during your marital troubles.
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