A few years ago, when I realized that I couldn't pay my mortgage anymore, I knew that I needed to do something to correct my finances. It seemed like I just couldn't catch a break, and after losing my job, I knew that I was in trouble. I started looking for new work, but I knew that I needed to fix my credit somehow. I was at the end of my rope, until a friend talked with me about the possibility of declaring bankruptcy. She explained that it helped her to start over. I met with a bankruptcy attorney who was incredible to work with, and I was amazed at how much it helped my situation. Check out this blog to learn how working with a bankruptcy professional could help you.
Getting divorced can be financially draining even if you're doing okay financially, and if you have debt it can be an even bigger problem. If you and your spouse want to divorce but you have no idea how to split the debt, or how you can get rid of the debt because you're currently drained, you want to talk with a bankruptcy attorney.
A bankruptcy attorney may be able to help you with your financial problems, and often it's best for couples to take care of their finances before they schedule a divorce. Here are some important things to consider, and to talk with the lawyer about.
You Could Still Get Stuck with Debt
If you go your separate ways the judge will split up the debt that you have. Just because the other person was ordered to pay the debt doesn't mean your name won't still be on the account. If they don't pay what they owed and the debt doesn't get paid off the collector can still come after you and your credit will still be affected.
Bankruptcy Can Wipe Debts
If you apply and get approved for chapter 7 bankruptcy all of your debts will be removed. This means you won't have the burdens of paying them and you can start over. If you apply and get approved for chapter 13 bankruptcy the debts will be paid back but you will get put on a payment plan and you won't have to worry about interest rates and fees accumulating on what is owed. Getting it paid before divorcing is most ideal.
Mediate the Divorce
If you can work on the bankruptcy together and get rid of your debts you should be able to mediate the divorce together after everything is completed. Mediating the divorce with one attorney instead of having two attorneys and going to court can greatly cut down on the amount of expenses you'll have throughout the divorce process.
If you are barely making your monthly bills or you and your spouse are having a hard time paying for your living expenses and you are drowning in debt, a bankruptcy attorney like Shoemaker & Dart P.S. Inc can help you get everything started to become debt free. The two of you can start fresh when you are divorced and you don't have to be plagued by the financial burdens and debts that are left over from the marriage that didn't work out.
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