When my husband I decided to start a business, we didn't think about the legal aspects of doing so. We didn't realize that purchasing business insurance, getting building permits and making investments all required some type of legal advice. But after speaking to a close friend, who also happens to own a small business, we contacted a business attorney. Now, we have the legal smarts to make the best decisions for our business, as well as the legal representation in case something happens to our company. I hope that you find my blog helpful and informative for your own business. It's a great resource for finding the legal advice, resources and guidance you need to get your company up and running.
If you and your spouse are looking to get divorced, but you also want to file for bankruptcy, the timing of your bankruptcy can be important. When you file for bankruptcy before you officially file for divorce, you can take care of your financial debts as a couple. If you wait until after you are divorced, you can end up spending more money on your bankruptcy, and become responsible for debt that isn't fair to you. When you and your spouse have considerable debt and you also want to divorce, it's time to talk with a bankruptcy attorney who can guide you through the process to determine the right time to file for your bankruptcy.
When the Debt is Complicated
When you and your spouse have debt from a wide variety of sources, you'll have to sit down to determine what debt is going to be written off in a bankruptcy proceeding. When your debt is complicated, it can be easier to take care of the debt before you file for divorce rather than try to divide up the debt into equal portions. If you and your ex can get along well enough to go through a bankruptcy proceeding before filing, this is often a good way to make your divorce easier.
Filing for Bankruptcy in the Middle of a Divorce
While you may want to get your bankruptcy done and divorce completed at the same time, this can be a messy endeavor. When you try to divide up your assets and liabilities during your divorce negotiations while at the same time trying to discharge your unsecured debt, this can get complicated quickly. There is usually no reason to file your bankruptcy until your divorce has been settled and all liabilities have been assigned to the responsible party.
Waiting Until After Your Divorce to File for Bankruptcy
When you and your ex have lost all ability to communicate effectively, you may need to wait until after your divorce is final to file for bankruptcy. It's possible that your ex doesn't have the intention to file for bankruptcy, even if they become responsible for a sizable debt after the divorce. If you wait until after the divorce, you will deal with the bankruptcy without your ex, and be able to discharge the unsecured debt in your name without this having an effect on your ex or their credit.
If you are struggling with financial matters and also going through a divorce, it's time to talk with a bankruptcy attorney who can help. Click here for additional reading.