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Managing bankruptcy and divorce

On Behalf of | Jan 9, 2018 | Chapter 7 Bankruptcy

If you are one of the many people in Tennessee who is facing the potential end of your marriage, you may also be experiencing severe financial problems. It is not unusual for money to contribute to marital strife and even the irrevocable breakdown of a marriage. When in this situation, you may be giving consideration to filing for bankruptcy as a way of getting a fresh financial start much like filing for divorce might give you a fresh start in other aspects of life.

However, as My Horizon Today explains, you should carefully evaluate your situation to determine if it is better for you to file for bankruptcy before or after your divorce as there can be significant differences in each approach. First of all, you should know that a Chapter 7 bankruptcy may be completed in just a few months but if you select a Chapter 13 bankruptcy, this type of plan lasts as long as five years. The nature of your debts, assets and income will direct which type of bankruptcy plan is better for you.

If you need to file a Chapter 13 plan, waiting until after your divorce may be best to avoid having to postphone your divorce by years or forcing you to amend your bankruptcy partway through. Your ability to communicate with your spouse to file a joint Chapter 7 bankruptcy may allow you to file this type of plan before getting divorced but this communication will be required and, if absent, may also dictate your timing here.

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


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