If you are struggling with debt it is crucial to go over the unique details of your financial circumstances and identify the best course of action. For some people, this means filing for bankruptcy, and there are a number of options on the table (such as Chapter 7 and Chapter 13). Moreover, there are other issues you need to consider if you are in the middle of getting a divorce or recently split up with your spouse and have considerable debt.
Sometimes, people feel overwhelmed by the divorce process and are hesitant to deal with additional legal hurdles that are emotionally draining and take up a lot of time. However, you need to safeguard your financial future and commit yourself to addressing your debt.
Marital debt and bankruptcy
According to the U.S. Courts, some people file for bankruptcy as a result of debts taken on during marriage and a property settlement in their divorce. Sometimes, those in debt have the ability to discharge what they owe by moving forward with a Chapter 13 bankruptcy and successfully completing a repayment plan. If you are preparing for divorce, it is important to think about marital debt and prepare for the potential impact of a property settlement.
The benefits of bankruptcy after divorce
If you recently split up with your spouse, you should look into the advantages of filing for bankruptcy if you are buried in debt. This is often a great time to find a fresh financial start and move on from various financial and emotional challenges related to your marriage. Make sure you explore your bankruptcy options carefully.