Bankruptcy And Divorce: What Are Your Debt Relief Options?
Divorce is one of the most complicated situations a couple can face. Many changes are happening, and it can be hard to see the light at the end of the tunnel. We are a family-owned law firm, and we understand how family and finances often go hand-in-hand. Phoenix Law has helped clients throughout Michigan navigate the most difficult times in their lives, including the intersection of bankruptcy and divorce.
Considering All The Factors
Divorce often means losing the benefits of a two-income household. Marital property and other assets need to be split, and it’s normal to be concerned about how you will manage moving forward. Many couples file for bankruptcy, and there are many things to consider before you decide when to do so. Some common considerations are:
- Are both parties going to file? You can do so individually, but if you file together, you pay one fee for the bankruptcy case.
- Who is responsible for the debt? Couples usually share debt; however, there are exceptions.
- How much do you make? Income is an important factor. There are different types of bankruptcy. The type of bankruptcy you choose — Chapter 7 or Chapter 13 — is largely based on whether you can make any payments at all to creditors.
Every situation is different. We can help you figure out what steps to take in your specific circumstances.
Don’t Wait. Call Us Today.
If you are in the midst of a divorce and are considering bankruptcy, you need a knowledgeable bankruptcy attorney who will explain all your options for debt relief. Call our Livonia office today at 734-779-9999 for a free consultation. You can also complete our contact form. Please include your name and a time you would like to meet. We look forward to helping you make a fresh start.