For many people, the decision to end a marriage results in a fresh start, an opportunity to move beyond hurdles that have been lingering for years. Likewise, bankruptcy can also provide people with this sense of starting anew, allowing them to break free from financial shackles that have been holding them back for years. However, both of these issues can bring up a number of questions as well as concerns, so if you are preparing to file for divorce or have already split up with your spouse, you may want to think about the impact this could have on your bankruptcy case as well.
Sometimes, couples file for bankruptcy prior to their divorce, which can be advantageous in certain circumstances. On the other hand, some people file a bankruptcy petition after their marriage has already come to an end. In fact, some people even blame their divorce as the reason why bankruptcy became necessary. After all, divorce can create a multitude of financial hurdles and some people may need to file for bankruptcy in order to move forward.
Whether you decide to file for bankruptcy before you split up with your spouse, while you are in the middle of the divorce process, or months after your marriage has already come to an end, it is essential to carefully go over your different choices. Divorce can be complicated, especially when bankruptcy is in the picture, but preparing and recognizing the smartest path forward can help.
Head to our divorce section to find more on family law.