DIVORCE AND BANKRUPTCY
Divorce and bankruptcy often go hand in hand. Many couples facing the expenses of two separate households following a separation find that their income is simply not enough to pay the bills that are due. Combine that stress with other conflicts causing a divorce, and a couple can find little common ground in resolving their financial difficulties.
The law firm of Giles and Lambert PC is available to assist divorce attorneys and their clients in reviewing and analyzing the financial implications of a divorce.
Often it may actually be beneficial for a husband and wife to file a joint bankruptcy together, eliminating much of their debt, before asking a circuit court to determine the division of assets or of any remaining liabilities. Perhaps the elimination of debt will result in a separate agreement without the need for a contested divorce hearing.
We have helped many couples resolve financial difficulties prior to the actual divorce, making the divorce and separation process easier as it eliminates one of the major areas of conflict. We have done this while either representing one party or at times representing both parties with the consent and advice of their separate divorce counsel.
On a couple of occasions, we have even had couples reconcile when the financial stress of debts was eliminated through a bankruptcy!
How support and separation agreements are treated in a divorce depends upon the language in the separation or divorce decree and upon the potential debtor’s individual situation.
The attorneys at Giles & Lambert are experienced in evaluating this language and advising clients on how bankruptcy may help relieve them of certain obligations in the divorce decree is they find themselves unable to meet court-ordered payments.
If you find yourself unable to pay court order payments pursuant to a divorce, schedule your free consultation to find out if bankruptcy is an option to lessen this financial burden.