My wife and I are going to file bankruptcy but we are also contemplating getting a divorce.?

Question

Should we wait till after the divorce and file separately? or will it make much difference if we joint now and get divorced later? we are going to remain friends so that is not an issue about whether we want to deal with each other. we just wanna know which will be the most beneficial way for both of us in the long run. thanks

Answer 1

Think about the following options:

Bankruptcy man $800, woman $800, divorce $1,200 =$2800 total

Bankruptcy couple $800, divorce $1,200 = $2,000 total

Bankruptcy couple $800 = $800 total

Money issues are the second, next to infidelity, greatest cause of divorce. Take all the money stress out of your relationship and give marriage a chance. If infidelity is not an issue, get the bankruptcy together and try to work out your marriage. If you can be friendly, why not give it try.

That would be the most beneficial for both of you in the long run.

If marriage is for sure gone, then the obvious answer is $2000 < $2800.

Good luck with everything in the future.

Answer 2

Hi.

If you two are filing bankruptcy, can you really afford a divorce? If you and your wife are going to remain friends, then why not put it off until the bankruptcy is overwith and the two of you have recovered financially?

Also, you can probably file for divorce yourselves, without an attorney, if you have an agreement about everything. It will cost way less in the long run (sometimes a paralegal can help with these things, check around).

take care.

Answer 3

Talk to a lawyer. Property division laws may make a difference in which way would be better. The length of the marriage may be important and also whether the debts were jointly accrued or whether one party is primarily responsible, although typically joint accrual is considered the default condition in a joint venture like marriage (it is essentially a legal partnership). Maybe talking to a bankruptcy specialist first would be worthwhile. Talk to somebody that knows what he is doing, anyway. Seriously.

Answer 4

This answer depends on who all the credit belongs to. If all the bills are in your name then you should file after the divorce, however if they are in both, then i would do it jointly. Also, if your soon to be ex is the one who got you into financial trouble doing it pre-divorce would only be fair to you. A combination of income could disqualify you for Chapter 11 since there is a income guideline in order to not have to pay back monies to creditors thru the courts. They say that the Chapter that allows you to pay back is better for your credit, however, i beg to differ. Both ruin your credit and it still can be acknowledged after 10 yrs to future creditors. I would call a lawyer for a free consultation and have him help you determine what's best for your needs. Good Luck.

P.S. Keep in mind that filing for bankrupcy can cost you up to 2 grande depending on your lawyer and which Chapter you choose to file.

Answer 5

Seeing how you are going to remain friends, I am assuming that you are going to split all of the bills down the middle ? If so, is it still not going to be an option for you to be able to pay off half of the bills ? I am just thinking along the lines that either way you go, a bankruptcy will stay with you for along long time.

Answer 6

Don't get a divorce. I mean I think you should really try and work things out. I mean I don't know what your issues are but... just don't give up on your marriage because it is the easy way out. Who knows you may of already tried to work things out.... I am just saying people get divorced way to easy now days. Its really sad... it wasn't meant to be like that. Good luck...and remember REALLY TRY to make it work!