It’s difficult for anyone to go through divorce and bankruptcy at the same time. If you are trying to juggle both at the same time, you’ll need an experienced attorney at law to get you through the proceedings. At The Minnesota Bankruptcy Center, I provide sound legal counsel for clients who plan to file a Chapter 7 or Chapter 13 Bankruptcy. I can lighten your load and help you navigate through the bankruptcy so that it goes smoothly. Before you commit to a bankruptcy, there are some things you should consider:
Try to Avoid Filing for Divorce and Bankruptcy Simultaneously
It can be tough to successfully navigate two life-altering legal matters at the same time. Even with a solid legal team to support you on both fronts, you’ll find that it is complicated to handle the stress. Sometimes it is better to get the divorce done first and then file bankruptcy. Sometimes it is better to get the bankruptcy done first and then get the divorce. It just depends on the facts. Every client is different and there is no one size fits all approach.
Which One Should You File First?
Although there is no standard answer for which legal matter you should take care of first, the guiding principle should be whichever works best in your favor. If you and your ex-spouse are settling issues peacefully, filing bankruptcy together could save you money in filing fees and protect you from paying the debt that you’ve both accumulated. It is especially beneficial if you both own property jointly. There are some cases in which filing for bankruptcy first will simplify your debt and assets as you go through the divorce. On the other hand, if you decide to file for Chapter 7 bankruptcy, your joint income might disqualify you from filing.
Some Debts are Exempt in a Bankruptcy
If you file a Chapter 7 bankruptcy, we’ll go over which debts will be eliminated and which debts you’ll continue to pay. Since some debts are not forgiven, it could affect how you navigate your divorce. Examples of liabilities that are not forgiven include alimony, child support, government fines, student loans, and court fines. If any of these debts are in your name, you will be required to pay these debts after your divorce regardless of the circumstances of the divorce.
File Your Bankruptcy with Ron Lundquist
If you are currently going through a divorce and need to file bankruptcy, give me a call. I will provide you with the answers you need and guide you through the process from start to finish. I provide bankruptcy services and foreclosure services for clients in Minneapolis and St. Paul areas as well as the entire state of Minnesota. To set up an initial consultation, give me a call at 651-454-0007, or you can message me on my contact page.