DIVORCE AND BANKRUPTCY
Divorce and bankruptcy are close enough to be kissing cousins. Lots of times, one follows the other. Financial troubles often are a major factor in the breakdown of a relationship. Nobody wants to file for bankruptcy. People wait to see if the financial issues work themselves out. Many times they wait too long and the relationship suffers. And if things were bad before the divorce, once the parties have to pay to operate two households instead of one, the financial situation becomes worse.
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WHAT TO DO?
If you are married and considering divorce, get information about bankruptcy BEFORE the divorce is final. If you and your spouse can get along well enough to file a Chapter 7 bankruptcy before your divorce is final, you can probably avoid paying the additional attorney fees and filing fees you would have to pay if you file bankruptcy separately. That can be a good chunk of change.
Filing a Chapter 7 bankruptcy jointly, even while the divorce is going on, can be an especially good thing: it can also make the divorce much simpler. How about no billable hours trying to figure out who should pay which debts? Just chuck them all into the Chapter 7.
Chapter 13 bankruptcy is, well, problematic for a divorcing couple. That is because it requires cooperation for the whole length of the Chapter 13 plan, which is at least three years and can be as long as five years. Who wants that long-term commitment to a transaction with a person you're trying to get away from? Chapter 13 probably isn't a good solution for any couple divorcing.
A Chapter 13 bankruptcy happens when there is some really good reason not to file a Chapter 7 bankruptcy, or sometimes for other reasons. Mostly, it is when the clients have enough income to live on and then some - maybe as little as a couple hundred bucks a month - left over. That extra money goes to the Chapter 13 trustee who then pays what is required to the creditors.
If you are thinking about divorce and you've got enough financial problems to consider chapter 7 bankruptcy, go see a bankruptcy lawyer. Most bankruptcy lawyers will talk to you for free at least for the first meeting. Sometimes the elimination of the financial stress can give a couple enough relief for the two of you to figure out if the other seemingly insurmountable problems in the relationship can maybe be resolved after all. Good luck out there.
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