Considering A Divorce But Debt Is A Problem? What To Know

Are you and your spouse ready to give up on your marriage and want to file for divorce, but you currently worry that neither one of you can afford to do it because of debt? If this is a problem, you want to meet with a bankruptcy attorney before you meet with a divorce attorney.

Filing for bankruptcy jointly as a married couple before you call it quits on your marriage may actually benefit you financially. Here are a few reasons why you want to consider bankruptcy before splitting up.

Avoid Getting All the Debt

A judge could force one of you to pay a majority of the debt, or they could split it up between the two of you in the divorce. Just because the judge gave one party the responsibility to pay for it, doesn't mean the other person will. If your name is still on that loan or account, you are still legally responsible for it and you could get stuck paying it or having poor credit.

Divorce Costs are High

You could easily spend $15,000 or more to get divorced. If you are already drowning in debt, how are you going to pay two separate lawyers and all of the court costs that are associated with divorce? Getting rid of the debt jointly takes a financial burden off your shoulders, and then maybe the two of you can mediate the divorce quietly and cheaply once the finances have been managed.

Adjust to Single Life Easier

As soon as you get divorced you will go down to one income, or you may have to pay alimony or child support on that one income you have to support yourself. If you have gotten rid of the heavy debts, it will be a lot easier for you to adjust to only having one income to live off.

A bankruptcy attorney will look through all the debts that you have and see if you will qualify for chapter 7 or chapter 13 bankruptcies. If you do, they can help you file all the paperwork so you can get the case opened and started. The sooner you start your case the closer you will be to filing for your divorce. No one wants to end up getting stuck with all the financial troubles from your marriage when they try to start new, so call an attorney and meet together with the law expert right away. Contact a law firm, such as Morrison & Murff, for more information.