Declaring Bankruptcy before Divorce
When considering a divorce, individuals should strongly consider what their financial situation will be like after the divorce is granted. Depending on their current level of debt and financial difficulty, spouses may want to consider declaring bankruptcy before getting a divorce.
In many cases, declaring bankruptcy before filing for divorce has several important benefits. If you are about to file for divorce but are worried about your financial situation, contact the Boca Raton divorce lawyers of Eric N. Klein & Associates, P.A. at 561-353-2800 to learn more about your options.
Why Declare Bankruptcy?
Declaring a joint bankruptcy before filing for divorce may save you and your spouse time and money in the long run. If you currently have financial troubles as a couple, it may be in both of your best interests to declare bankruptcy together.
Among the benefits of declaring bankruptcy before getting divorced are:
- You only pay one bankruptcy filing fee
- Assets and debts become easier to divide in the divorce
- You may reconcile if money was the issue
Declaring bankruptcy before divorce makes sense if you will both have trouble paying debts after the divorce is granted. If one of you will be financially stable, the other may not be willing to go through the process.
It is important to consider, however, that if one spouse declares bankruptcy after the divorce, the other spouse may still be liable for his or her debts.
Contact Us
Settling your financial difficulties before getting a divorce makes sense in many cases. If you and your spouse are considering a divorce and are having financial troubles, discuss your options with the Boca Raton divorce attorneys of Eric N. Klein & Associates, P.A. Contact us today at 561-353-2800 for more information.
