Divorce and Bankruptcy
We can provide you with the bankruptcy services you need after you have gone through a divorce. Many people do not realize how significantly a divorce is going to impact their financial picture. When you have a couple where both partners are working, a certain income is necessary in order to maintain a certain lifestyle.
Even if you downsize your housing after a divorce, there’s typically still not enough money to go around. With debt being equally split, it is very likely that each of you is not going to be able to afford to continue making debt payments while maintaining an adequate style of living. The math does not add up. As a result, you may find yourself having to make hard choices. These choices include whether to make a debt payment or go to dinner with your family or even to purchase necessary medication. This is not a good situation to be in and we can help you to get out of it.
Types of Bankruptcies
As a provider of bankruptcy services, we can provide you with information regarding the different types of bankruptcy filings that are available to you.
The two main types of bankruptcies are a liquidation bankruptcy and a reorganization bankruptcy. A Chapter 7, is going to give you the ability to wipe out any debt that you have that is unsecured. This will give you a fresh start. It will eliminate the credit card debt, personal loans, and lines of credit that make it very difficult to keep up. This is why you need to work with an attorney who can protect your assets at the same time. Otherwise, you may find that the assets you need could be required to be sold by the bankruptcy trustee in order to pay some of your debt. Working with an attorney is your best option for preventing this from happening.
A Chapter 13 bankruptcy, on the other hand, is different because it allows for you to continue making debt payments. However, it does it in a way that is affordable for your particular situation. If your credit card companies have been unwilling to negotiate a payment plan with you, this filing is going to force them to do so. As an attorney, we can work with you to create a budget. The budget will include all of your living expenses things like groceries, gas, and insurance. We will use your remaining income to calculate a plan payments. Will will then propose that payment to the court. Once approved, you will make payments for three to five year. Any remaining debt will be wiped out at the completion of your bankruptcy.
Call for Your Consultation
To learn more about our bankruptcy services or your options, call and schedule a consultation with our law firm. We can provide you with sound legal advice. We will also work with you to create a strategy for how you can protect your important assets while also giving yourself a fresh financial start and a new future.
NOTE: This is for informational purposes only and does not constitute legal advice.