Everything You Needed to Know About Bankruptcy and Divorce

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Everything You Needed to Know About Bankruptcy and Divorce

There is no denying the fact that both bankruptcy and divorce are an emotionally disturbing sequence of events which can cause drastic changes in your life. If anything can be worse than these two, say Dallas based bankruptcy law firm https://bankruptcy.recoverylawgroup.com/, is having to undergo both at the same time. Since both the issues are equally important, you will be needing the assistance of bankruptcy attorneys if you wish to file for both simultaneously. Though it is manageable, however, it is often suggested to avoid filing for both together. If you have any doubt regarding which should precede, you need to consult with bankruptcy lawyers at 888-297-6023.

Filing for bankruptcy and filing for divorce can take a toll on you. Not only is the situation extremely stressful, but it also requires your time and attention on two different yet equally important aspects of your life. It is therefore important that you file for both of them at different times if possible. many lawyers suggest that filing for bankruptcy should be done prior to filing for divorce, while others suggest the opposite. Since the individual situation varies from client to client, there are no hard and fast rules recording what should be done in such a situation. Generally, people opt for whatever works in their favor.

In case, the divorce between the spouses is to be resolved amicably, filing for bankruptcy jointly would help you save on bankruptcy filing fees as well as protecting you against the debt which both of you had accumulated. This works best in case of couples having joint property. Moreover, filing for bankruptcy often simplifies your assets and debts when you go through a divorce. However, the downfall of filing for bankruptcy jointly is that you might be disqualified from filing for chapter 7 bankruptcy due to the joint income which is higher than the average income of the state.

Some debts are eliminated when you file for a Chapter 7 bankruptcy; while others survive bankruptcy and you must continue paying for them. Liabilities which survive bankruptcy include court fines, government fines, certain taxes, student loans, alimony and child support. Irrespective of the terms of your divorce, you are liable for the above-mentioned debts and would have to continue paying for them. It is therefore important to find an attorney who guides you through these life-altering changes in a manner that helps you resume your life after these events.