Are Bankruptcy and Divorce Connected?

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Are Bankruptcy Lawyers Adept at Handling Debt Relief during Divorce?

Divorce is a painful time. With emotions flying high, it is difficult to manage things. If coupled with bankruptcy, it can be a double whammy! Both divorce and bankruptcy involve finances and the situation might be related or independent. Sometimes, the bad financial situation can result in straining the marriage resulting in divorce, while at other times, divorce in itself might end up burning pockets. Whatever the situation, bankruptcy can be an ideal way to get rid of huge debts and begin life afresh for both parties.

Are Bankruptcy and Divorce Connected?

Majority of cases of divorce are due to financial problems. However, getting one isn’t necessarily going to end your problems. If you opt for divorce during financial proceedings, there are lots of financial repercussions like court costs, child support payments, alimony payments, fees of divorce attorneys as well as division of marital debts. At any time, having or maintaining two households is more costly than one. Getting a divorce might make it impossible for you to maintain all your financial commitments. Dallas based law firm suggests it is important that couples consider all options before dissolving their marriage. This is also important as laws of divorce and personal bankruptcy are complicated and require the professional advice of experienced bankruptcy lawyers. They can help evaluate your finances and options available to come up with a plan for bankruptcy.

What Can Bankruptcy Lawyers Help with?

In case you are not yet divorced, bankruptcy lawyers can help draft a divorce agreement keeping in mind any joint debt obligations. Post-divorce, you require their assistance to weigh in your financial options and answer any questions regarding bankruptcy. Since spousal support and child support are obligations which cannot be discharged, wiping off unsecured debts like medical or credit card bills can provide you the necessary respite. Since bankruptcy attorneys are well versed with the laws, it is important to consult them when in bad financial situations.