All You Need To Know about Filing Bankruptcy after Divorce
As each couple gets to say their vows during their wedding day, they all claim that only death can part them.However, there are times when things do not work out, resulting to the need for divorce.In most cases, divorce is usually frustrating and tedious as there are so many procedures involved to complete the process.It is evident that a large number of divorced persons experience financial problems as a result of the new life where they do not receive any assistance from their spouses.Once you realize that you are in a tricky financial situation, you can go for the alternative of filing for bankruptcy.Below is information that will enable you to get a better understanding of the process in topic.
People choose to file for bankruptcy after divorce as a result of several factors.The most common challenge that is faced by a high number of divorced persons is the new income as they can no longer access their spouses share of funds.For those who used to share financial responsibilities with their partners, the new changes could result to problems when it comes to paying for bills and other essentials.You do not want to fall into the category of individuals that are left with the responsibility of paying for some of their ex-spouses debts.If they applied for the loan using your details, you will be accountable for every single coin of that loan.Analyze your situation and determine whether filing for bankruptcy will be the best alternative for you.
There are two alternative bankruptcy options that divorced persons can choose to apply.The Chapter 7 bankruptcy requires the filer to sell off some of their property to settle their debts.Once these assets are sold, some of the unsecured debts such as the credit card and medical debts are forgiven.For those whose income can be divided up to pay the debts slowly, they do not qualify for this bankruptcy application.On the other hand, Chapter 13 bankruptcy necessitates the involvement of the debtor’s income as a specified amount is cut off each month to pay up the debts.Once the repayment period is over, most of the remaining debts are cleared.
As you file for bankruptcy, ensure that you have found a professional in this line of work as you need them to guide you through the process.You need them as they know what needs to be done to achieve the desired outcome.You are needed to involve a reputable law firm as you undertake this venture because you require their professional assistance in handling various complicated situations.A good example is the Wiseman Lee law group that is entailed of attorneys that are specialized in both corporate and family law.