A huge number of life stresses can contribute to marital issues. For instance, illness, job loss and excessive student loan debts can all result in major financial difficulties, which are known to affect married couples of all ages. If you and your spouse are currently confronted by the prospect of bankruptcy and divorce, you may be worried about how and where to begin dealing with such processes. Fortunately, we here at Levine & Levine understand the intricate relationship of divorce and bankruptcy, and are committed to helping our clients achieve stability and closure on both fronts.
When considering the possibility of filing for personal bankruptcy and/or divorce, it is important to keep in mind that one can affect the other. For instance, the state of your marriage may be at the point where it is necessary to proceed with divorce proceedings first. Whether there are issues relating to unfaithfulness or domestic abuse, it is imperative to secure you and your family’s safety before moving forward with bankruptcy. If you and your spouse have a fairly stable and cordial relationship, on the other hand, it may be financially advantageous to you both to file for bankruptcy as a married couple.
Given that divorce can have a profound impact on your lifestyle and finances under even the best of circumstances, it is also important to think about any post-divorce difficulties you may face. Filing for personal bankruptcy can go a long way to discharge some forms of debts like credit card loans and medical expenses, but cannot generally release you from your obligation to pay alimony or child support. Therefore, it is important to develop a bankruptcy and divorce plan that accounts for your specific needs and concerns.
Understanding the complexities of bankruptcy law and how debt relief efforts can be impacted by divorce proceedings is an important aspect of providing you with comprehensive legal counsel. Learn more about bankruptcy and other divorce legal issues by visiting our web page today.