Pending a Divorce due to Debt and thinking about Filing for Bankruptcy, What Should We Do?

Timing is everything for both the marriage and bankruptcy. You are still legally married, you and your spouse may file bankruptcy jointly. There are many reasons to do a joint filing before filing for bankruptcy. These include your ability to maximize the homestead exemption, which make it easier to resolve debts and even save money on bankruptcy attorney filing fees.

If you are contemplating a divorce and, because of your financial situation you may also need to file bankruptcy, it’s important to consult with both a bankruptcy and a divorce lawyer. You and your spouse may need separate lawyers to avoid any conflict of interest. Everyone should be talking to each other to reach the best solution to your divorce and potential bankruptcy.

 

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