BANKRUPTCY AND DIVORCE

Over 50% of marriages end in divorce, this is a well known stat and the percentage keeps on growing.  There are many reasons why a marriage fails.  A lot of the time there is a financial reason that drives a couple to divorce.  There are many benefits to filing bankruptcy when filing divorce as doing both would create a true "Fresh Start" for a person.  If you are considering filing for divorce and are in a bad financial situation, contact an experienced Arizona attorney before proceeding.

Married couples often find that there is probably not enough money coming in to make it work financially with one home. How is the same income going to work for two homes with one, the other, or both of you under a court order to pay bills you can’t afford?  Divorce merely solves the problem of having to see the same person everyday, it doesn't make things more affordable. 

Filing bankruptcy during the course of filing for divorce can be a very helpful tool.  Imagine being able to resolve your family issues without the need to worry about paying off the marital bills.  A trusted Arizona family law attorney could shed some light on your options. In many divorces there is not enough income for any sort of alimony or spousal support.

There are many things to consider when filing for bankruptcy during a divorce.  Couples have bills. If the bills are in both names then it will be necessary for you both to file for Chapter 7 Bankruptcy.  The benefit of filing before divorcing is that you can file “jointly”, even if you are not living in the same household but are still married.  In my office the difference in cost between a single and a joint bankruptcy filing is the cost of one extra credit report, approximately $20.00.

Think about it for a moment, if you take the bills off the table. Suddenly one of the biggest sticking points to resolving your divorce is gone. Divorce termination talks can get under way. Resolutions are easier. Divorce attorney fees are lower. Filing for Divorce and Bankruptcy when you have lots of bills in a marriage is win win. You don’t even have to wait for your divorce attorney to suggest it.

Thinking divorce or dissolution and filing bankruptcy? In the middle of a divorce?  Contact a trusted Arizona attorney and find out how a combination may benefit you.  There are many lawyers in Arizona who handle both family law and bankruptcy, an attorney with expertise in both areas of law would be of great assistance to you.