Recently compiled data by the U.S. Census Bureau shows Arkansas having the highest divorce rate in the nation. Divorce and bankruptcy are amongst the most financially taxing and emotionally fraught experiences anyone can go through. Filing bankruptcy and divorce at once can be overwhelming. It is not recommended to file bankruptcy and divorce at the same time. Motions can be put in place for both at once, but usually, one will take precedence over the other. Our bankruptcy team tells you what to expect whether you file bankruptcy before or after divorce.
Filing Bankruptcy Before Divorce
Bankruptcy before divorce may cancel joint marital debts, which would otherwise need to be divided during the divorce proceeding. Some couples file bankruptcy jointly as it is efficient. Filing bankruptcy before divorce usually decreases the amount of time and fees spent on the process, but this option requires cooperation from both parties. On the other hand, Chapter 13 bankruptcy is a minimum 3-year commitment, so filing this might extend your divorce process by 3 to 5 years.
Filing Bankruptcy After Divorce
Deciding to file for divorce before bankruptcy might be the best way to go if the couple's joint income is too high to qualify for chapter 7 bankruptcy. If you make much less than your spouse, you may be eligible for chapter 7 after divorce.
Whichever way you choose to proceed with your bankruptcy and divorce, it is important to consult legal guidance to assist you with the particularities of your case. Both bankruptcy and divorce are intricate processes, and one size truly does not fit all.
Contact our Arkansas Bankruptcy Team Today
We know how stressful bankruptcy and divorce can be, and you can count on the team at Martin Attorneys, PA to find the most effective strategies to make the process as smooth as possible.
To find out how we can guide you through the bankruptcy process, contact our seasoned team today through our website or give us a call at (479) 888-2039!
.jpg)
[1].jpg)
.jpg)