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Balancing bankruptcy and divorce together

On Behalf of | Mar 24, 2018 | chapter 7 |

Financial woes are known to be a common contributor to marital woes for many couple in Indiana and around the country. If you are finding yourself in this situation and trying to decide if you need to file bankruptcy before filing for divorce or the other way around, you should know there are a few different things that may influence what is right for you. 

As explained by My Horizon Today, there is no one answer to this dilemma for all couples. One of the things you will want to assess is how well you and your spouse might be able to communicate and work together if you file a joint bankruptcy before you get divorced. Certainly filing for Chapter 7 bankruptcy will require you two to communicate but if that is not possible, you might want to reconsider.

Also important is the determination of what type of bankruptcy is best for your needs. A Chapter 7 plan may be completed in a matter of months but a Chapter 13 plan lasts three years on the short end and up to five years. This would tie you to your spouse for that time unless you wanted to incur the expense of splitting your bankruptcy eventually. The type and amount of assets you have will factor into your decision here such as if you own a home that you want to avoid losing.

If you would like to learn more about how to balance serious financial challenges and the end of your marriage at the same time, please feel free to visit the debt relief options page of our Indiana Chapter 7 and Chapter 13 consumer bankruptcy website.