{"id":351,"date":"2013-06-06T17:55:18","date_gmt":"2013-06-06T17:55:18","guid":{"rendered":"http:\/\/bankruptcyattorneystl.com\/?p=351"},"modified":"2013-06-06T17:55:18","modified_gmt":"2013-06-06T17:55:18","slug":"bankruptcy-and-divorce","status":"publish","type":"post","link":"http:\/\/bankruptcyattorneystl.com\/?p=351","title":{"rendered":"Bankruptcy and Divorce"},"content":{"rendered":"

Considering divorce and bankruptcy at the same time can be extremely stressful and confusing for all parties involved. \u00a0Often, individuals wonder what the best option is for them when considering bankruptcy and divorce.\u00a0 Depending on the debt involved, the type of bankruptcy that is filed, and the circumstances it could be better to proceed with the divorce before you file, or sometimes even after.\u00a0 The order of events does have an effect on the options that are available.<\/p>\n

A joint bankruptcy petition can be filed if the two parties are still legally married, regardless of if there is a divorce looming in the future or not.\u00a0 Even if a couple has been separated for years, if they are still legally married, they can still file the petition jointly. \u00a0While you may wonder why a couple would want to file a bankruptcy together when they are planning to file for divorce soon thereafter, it often times makes very good sense.\u00a0 \u00a0A joint bankruptcy filing would mean that there are one set of attorney fees, one set of court costs, and one set of any other fees that may be incurred; you can end up saving a substantial amount of money.\u00a0 \u00a0A joint bankruptcy filing prior to filing for divorce will also resolve several issues that can arise in a divorce proceeding, which is also another potential way that you could save money in attorney fees during the divorce.\u00a0 \u00a0If the bankruptcy wipes out all of the unsecured debt that you currently share, there is typically a lot less to settle and assign out in the divorce.\u00a0 \u00a0Discharging the debt prior to the divorce can allow both individuals to move forward from the bankruptcy and the divorce with a true fresh start.<\/p>\n

While it is sometimes in your best interest to file for bankruptcy prior to filing for divorce, it is also sometimes not in your best interest.\u00a0 There are some instances when it is not recommended to file a joint bankruptcy petition when there is an impending divorce. \u00a0One of the main instances that filing a joint bankruptcy prior to a divorce would not be recommended is during a Chapter 13 bankruptcy.\u00a0 \u00a0A Chapter 13 bankruptcy can last anywhere from 3 years to 5 years.\u00a0 Given the extensive amount of time that you will be in this type of bankruptcy together, often times individuals have to remain in contact and rely on one another to hold up their end of the filing as far as making plan payments and following all of the requirements of a Chapter 13. \u00a0Even though you can<\/em> file a Chapter 13 together, this is not typically recommended and may not even be desirable for certain individuals, especially if the relationship is not very civil.\u00a0 \u00a0Another reason to avoid filing a bankruptcy jointly and to wait until a divorce is finalized to file a bankruptcy petition singly directly relates to income and assets.\u00a0 If you file jointly with a spouse, all income and assets need to be listed on the petition, which could lead to issues with eligibility to file a Chapter 7 bankruptcy.\u00a0 However, if you are already legally divorced, your bankruptcy filing would only include your income and assets, which may be in your best interest.<\/p>\n

Deciding to file for bankruptcy and divorce at the same time is a complex process.\u00a0 If you are unsure of what your best option would be, contact a St. Louis Bankruptcy attorney<\/a> today!<\/p>\n","protected":false},"excerpt":{"rendered":"

Considering divorce and bankruptcy at the same time can be extremely stressful and confusing for all parties involved. \u00a0Often, individuals wonder what the best option is for them when considering bankruptcy and divorce.\u00a0 Depending on the debt involved, the type … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,3,53,8,9,10],"tags":[],"class_list":["post-351","post","type-post","status-publish","format-standard","hentry","category-bankruptcy-filing","category-bankruptcy-general","category-chapter-13-bankruptcy","category-chapter-7-bankruptcy","category-discharge-of-debt","category-means-test"],"yoast_head":"\nBankruptcy and Divorce - St. Louis Bankruptcy Attorneys<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/bankruptcyattorneystl.com\/?p=351\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"St. Louis Bankruptcy Attorney\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=351#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=351\"},\"author\":{\"name\":\"St. Louis Bankruptcy Attorney\",\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/#\\\/schema\\\/person\\\/ffac9d6264cfaf62f3228d9b170a410b\"},\"headline\":\"Bankruptcy and Divorce\",\"datePublished\":\"2013-06-06T17:55:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=351\"},\"wordCount\":570,\"articleSection\":[\"Bankruptcy filing\",\"Bankruptcy General\",\"Chapter 13 Bankruptcy\",\"Chapter 7 Bankruptcy\",\"Discharge of Debt\",\"Means Test\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=351\",\"url\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=351\",\"name\":\"Bankruptcy and Divorce - St. Louis Bankruptcy Attorneys\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/#website\"},\"datePublished\":\"2013-06-06T17:55:18+00:00\",\"author\":{\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/#\\\/schema\\\/person\\\/ffac9d6264cfaf62f3228d9b170a410b\"},\"breadcrumb\":{\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=351#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=351\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=351#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Bankruptcy and Divorce\"}]},{\"@type\":\"WebSite\",\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/#website\",\"url\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/\",\"name\":\"St. Louis Bankruptcy Attorneys\",\"description\":\"by A & L, Licker Law Firm with offices in Florissant, St. Louis, Manchester, Granite City, and St. Charles. 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