A Reliable Law Firm Resolving Bankruptcy Issues Affected By Divorce
Many New Jersey residents are surprised by the correlation between bankruptcy and divorce. Financial hardship often is the catalyst for the divorce. In other cases, the divorce leads to financial challenges for one or both spouses, because one person is trying to carry a financial burden that previously was shared. Sometimes, debts may have been taken out by one spouse on behalf of the couple, leaving serious questions about who can or should pay it off.
Whether you are considering a divorce or have recently been through one, you should speak to a qualified bankruptcy lawyer about your financial issues. At Levitt & Slafkes, P.C., in Maplewood, we have helped countless people in Essex County and throughout New Jersey resolve complex debt issues. We can help you find a solution that puts you in the strongest possible situation.
Benefits Of Filing For Joint Bankruptcy
Depending on your circumstances, filing a joint bankruptcy petition with your spouse before a divorce can help to ensure your financial welfare going forward.
By filing jointly before the divorce, couples can eliminate the marital debt and simplify the property division in a divorce. This might lower your divorce costs as a result. In addition, couples who file jointly can save money by only having to pay one filing fee.
Challenges When Bankruptcy Is Filed After Divorce
Often, financial hardship increases after the divorce has been finalized. This can be especially true for people who have been ordered to pay child or spousal support, in addition to other marital debts. In these situations, it is important you understand how bankruptcy can help you.
First, it is important to note that alimony and support obligations cannot be discharged in a bankruptcy filing, though they may be paid over time in Chapter 13. We will review your situation and advise you on which debts, marital and otherwise, you can eliminate.
Talk To A Bankruptcy Lawyer At No Cost
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.