Bankruptcy before Divorce

Divorce is a complicated subject. Mounting debts may make it worse. You may worry about your financial security after you get divorced if your debts are going to be greater than your assets once everything has been divided. If this is the case, your spouse may be in the same boat. Though you and your spouse have your differences, it may be in both of your best interests to file a joint-bankruptcy claim before filing for divorce.

If you are headed for a divorce, but have piling debts, contact the Boca Raton bankruptcy lawyers of Eric N. Klein & Associates, P.A. today at 561-353-2800.

The Advantages of Declaring Bankruptcy before Divorce

When you declare bankruptcy before getting divorced, you may save yourself a lot of time and money. This is especially true if you and your soon to be ex-spouse would both be headed for bankruptcy after the divorce.

Though your debts are split in the divorce settlement, you may still be held accountable for any debts your ex-spouse is unable to pay if the debt was incurred during your marriage. Declaring bankruptcy before divorce eliminates most debts for both of you, making the process of allocating debts much easier and making the allocated debts much more manageable for each person.

Additionally, depending on the bankruptcy chapter you file, your assets may be liquidated to pay off your debts. Doing this before the divorce may make the division of your property easier.

Of course, declaring bankruptcy before divorce isn’t the best course of action for everyone. As such, you should consult with an experienced bankruptcy attorney before you make any decisions about filing, whether divorce is involved or not.

Contact Us

Divorce is a tough period to endure and is only made tougher by mounting debt. If you are headed for a divorce and are worried about your financial situation, the Boca Raton bankruptcy attorneys of Eric N. Klein & Associates, P.A. may be able to help you. Contact us today at 561-353-2800 to learn more.