Divorce and bankruptcy, neither decision is easy to make. Both divorce and bankruptcy may change your personal and financial life in a big way. If you’re planning to file bankruptcy and divorce at the same time, then it can be a bit tough for you to decide. Most people feel confused about whether they should file bankruptcy before or after getting divorced. Well, you must take the decision after considering all the financial obligations that you and your spouse have.
Divorce and bankruptcy affect each other and that’s why it’s better to contemplate before filing both at the same time. Filing bankruptcy during the divorce process will only delay the procedure. All the assets and liabilities won’t be distributed until the bankruptcy is resolved. As experienced lawyers say that bankruptcy should be finished before proceeding with divorce. When it comes to managing debts and other financial obligations in bankruptcy, the debtor’s name and the social security number are considered first. Bankruptcy court also considers marital status before treating individual income. So, you can understand filing bankruptcy separately and as a couple are not the same. Bankruptcy affects the asset distribution during divorce.
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