Divorce and Bankruptcy

Divorce and Bankruptcy
Bankruptcy And Divorce

Divorce and bankruptcy are often two types of cases that go together. Many of my readers may wonder why a Bankruptcy Law blog would devote time to divorce. Moreover, many of those who wonder may even be either divorce lawyers or bankruptcy lawyers who don’t practice both types of law.  The unfortunate but true reality about divorce is that one of the largest pressures found in a marriage is money.  Although there are several very important issues that I resolve as a Divorce lawyer, i.e. child custody and visitation, many of the issues that bring about a divorce are rooted in serious financial problems.  As a bankruptcy and divorce law firm we’ve helped countless individuals do both types of cases.

Divorce and Bankruptcy May go Together

This sad but true reality has serious consequences on your finances once your divorce is finalized. Many of them are best resolved by a Bankruptcy before you get the divorce.  Although the advent of the new Oklahoma bankruptcy Law makes discharging certain domestic support impossible this doesn’t end other potential problems. Even though the parties divide debts in the divorce petition this doesn’t mean that those debts cant come back and bite the other person.  An example is when both marital parties agree to pay a creditor. Later they divorce and one party assumes the debt. This doesn’t mean that the creditor can only look to the person taking the debt in the divorce. The creditor can seek payment from either or both of you. If the one of you files divorce for the creditor can seek payment from the party that hasn’t filed.

Should I File Bankruptcy While Married

With this said you don’t have to file together but if you choose to its your right. Filing while your married may give you the chance to wrap up the question of debt by getting rid of it altogether. Additionally, the size of your family impacts the maximum amount of money you can earn to file chapter 7. By filing together you might qualify where you wont once the divorce is finalized. It may be to your advantage, so look at it and lets see what works best for you.