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How can bankruptcy before divorce help me?

On Behalf of | Nov 14, 2017 | Divorce

If you are like many married people in Indiana who have experienced significant monetary woes, you may have also learned how much stress this reality can put on your marriage. It is a known fact that financial challenges have contributed to the end of many marriages over the years. If your money problems are severe enough, you might even be thinking about filing for bankruptcy. Before you try to rush through your divorce so you can file bankruptcy, you should think about the reverse.

As explained by The Balance, filing bankruptcy jointly with your spouse before filing for divorce might actually be better for you in the long run. Eliminating the potential that you could end up saddled with liability for marital debt after your divorce may go a long way toward helping you get the full fresh start you need at this time in your life.

Another benefit to waiting to pursue your divorce until after a bankruptcy is that you and your spouse together may be able to take advantage of higher levels of exemptions. This may help you preserve some of your assets that otherwise might be lost in a bankruptcy. When you have taken care of your financial issues, your ultimate divorce might actually be simpler as you will have fewer debts and issues to make decisions about in your settlement.

This information is not intended to provide legal advice but is instead meant to give separated or divorcing spouses in Indiana some things to consider when facing both the end of a marriage and serious financial troubles.

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