Debt Relief Options For Couples Facing Divorce
Unfortunately, for many couples, marital and financial problems often go hand in hand. If you are facing a divorce and need to file for bankruptcy, you need debt relief advice from an experienced bankruptcy attorney.
At Marcus H. Herbert & Associates, we can help you understand when to file and what type of bankruptcy will meet your needs. With more than 20 years of experience, we help divorcing couples understand their debt relief options in western Kentucky and southern Illinois.
If you have financial and marital problems, speak to a lawyer before you file for bankruptcy or divorce. Email our Paducah divorce and bankruptcy lawyer or call us at 270-443-0303 for a free initial consultation to discuss your options.
Filing For Bankruptcy Before Your Divorce
If you are facing bankruptcy and divorce, it may be a good idea to file for bankruptcy before your divorce. One benefit of filing jointly, which only a married couple can do, is cost savings. Filing jointly is cheaper than filing separately. Also, by handling your debts in bankruptcy, you can save yourself time and money in your divorce because your debts will already be settled.
Additionally, you do not want to have your divorce and bankruptcy going on at the same time. During a bankruptcy, the bankruptcy court has exclusive jurisdiction over your debts. If a family court tries to help you divide your car payments or mortgage in your divorce, it could conflict with the bankruptcy court’s ruling.
At our firm, we can help you determine when you should file for bankruptcy. We are also adept at coordinating family court and bankruptcy court proceedings to avoid confusion and get you the debt relief you need.
Dealing With Debt From A Divorce
If you have substantial marital debts that were assigned to you in your divorce, such as house payments and credit card debts, those debts might not be dischargeable in a Chapter 7 bankruptcy. However, when clients are unable to afford debts after a divorce, we can help them file for Chapter 13 bankruptcy.
In Chapter 13 bankruptcy, the court will set up a payment plan, which usually lasts three to five years. Under this plan, you will pay what you can afford. At the end of the payment plan, any unpaid debts from your marital settlement will be wiped out (not counting child support or maintenance).
Need To Talk To A Coben Judgment Lien Lawyer About Debt Relief?
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.