The Law Office of Lauren S. Cohen, LLC
Over 35 Years Of Experience At Your Side
Phone: 607-821-0100
Toll Free: 866-539-2596
Our Practice Areas

Consider filing for Chapter 7 bankruptcy before your divorce

Unfortunately, financial problems in your marriage may be leading to a divorce. Money problems and marital difficulties often go hand in hand. If your financial calamity is causing your marriage to end, you may be wondering about the logistics of filing for bankruptcy along with divorce. 

The truth is that divorcing will likely not make your financial issues go away. In fact, splitting up and living on your own will likely make you struggle more with your finances. Things may go more smoothly for you if you declare bankruptcy before the divorce. Here is why.

Filing jointly comes with many benefits

If you and your spouse file a joint bankruptcy, you may be able to save a lot of money on fees. Joint bankruptcy will also likely save time in comparison to filing during the divorce case. Filing a joint case before the divorce proceedings begin may also reduce stress and make the property division process go more smoothly.

Eliminate liability for joint debt

Declaring bankruptcy before the divorce also means your responsibility to pay any joint debt will be relieved. If you are liable for your mortgage, credit cards or loans, then filing for bankruptcy will immediately erase your liability, so you will not need to worry about incurring a massive amount of joint debts. 

Get ahead of your spouse

Think about what may happen if your spouse decides to file for bankruptcy during your divorce. If this occurs, then you may be responsible for all the debt. If you suspect your soon-to-be ex-spouse is thinking about filing for bankruptcy, you should think about either filing a joint case or filing before he or she does. 

Filing for bankruptcy may make sense for you, especially if you qualify for Chapter 7 bankruptcy. However, you should always talk to an attorney about your unique situation to determine the timing of your filings.

 

No Comments

Leave a comment
Comment Information
Email Us For A Response

Let's Work Together To Resolve Your Legal Issues. Contact Me Today.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Contact Information

The Law Office of Lauren S. Cohen, LLC

Johnson City Office
520 Columbia Drive, Suite 102
Johnson City, NY 13790

Toll Free: 866-539-2596
Phone: 607-821-0100
Johnson City Law Office Map

Binghamton Office
49 Court St
Binghamton, NY 13901

Toll Free: 866-539-2596
Phone: 607-821-0100
Map & Directions

Johnson City Office
Mailing Address
828 Oakdale Road
Johnson City, NY 13790

Map & Directions