Protecting Your Rights Through Bankruptcy And Divorce
For many couples, divorce and bankruptcy go hand in hand. Either a divorce leads to bankruptcy, or the need for bankruptcy – and the ensuing stress, disagreements, tension, anxiety – leads to divorce.
When you are contemplating both divorce and bankruptcy, having a lawyer on your side with in-depth knowledge of both family law and the bankruptcy process is invaluable. The attorneys at Amy M. Levine & Associates, Attorneys At Law, LLC, will give you confidence that you are taking the right steps to protect yourself. From office locations in Columbus and New Albany, we help clients throughout Ohio.
How Divorce And Bankruptcy Intertwine
Some couples make it through divorce only to realize that the financial upheaval of establishing two households, making child support or alimony payments, paying off marital debts, trying to make the mortgage payment, and other related expenses have driven them to bankruptcy to stop creditor harassment and escape unmanageable debt. Others realize prior to filing for divorce that bankruptcy is their best option without considering the additional financial stressors that will result from the divorce itself.
Should I File For Divorce Or Bankruptcy First?
This can be a difficult question to answer. If divorce wasn’t the reason for a bankruptcy filing, you could have questions about the pros and cons of which issue to tackle first. Unfortunately, there is no cookie-cutter answer.
For some, it is advantageous to go through a joint bankruptcy filing prior to divorce to maximize the bankruptcy exemptions available and get the best debt discharge arrangement. For others, going through divorce prior to filing for individual bankruptcy relief is the better solution.
Which you choose depends upon your unique circumstances, Ohio divorce laws, available bankruptcy exemptions and other factors. Let us analyze the details of your situation, so we can help you decide which option is best for you.