What You Ought to Know about Filing Bankruptcy after Divorce
In wedding vows, there is always a segment that requires couples to state that they will be together until death.There are times when the marriage simply cannot work, resulting to the couple choosing to divorce.In most cases, divorce is usually frustrating and tedious as there are so many procedures involved to complete the process.A major issue that is experienced by a majority of divorced people is that of financial constraints as one shifts from marriage life to single life.Once you realize that you are in a tricky financial situation, you can go for the alternative of filing for bankruptcy.Below is information that will enable you to get a better understanding of the process in topic.
There are various reasons that could lead you to consider filing for bankruptcy after divorce.Most of the times, the challenge is normally the sudden transition of receiving single income from the usual dual income.For those who used to share financial responsibilities with their partners, the new changes could result to problems when it comes to paying for bills and other essentials.You do not want to fall into the category of individuals that are left with the responsibility of paying for some of their ex-spouses debts.This can be the case if they registered a loan using your credit card.Depending on the situation that you are facing, you should be able to decide whether you will be able to handle it, or simply choose to file for bankruptcy.
There are two types of bankruptcy available for divorcees.The Chapter 7 bankruptcy requires the filer to sell off some of their property to settle their debts.With the sale of these items, some of the debts are cleared.For those whose income can be divided up to pay the debts slowly, they do not qualify for this bankruptcy application.When it comes to the Chapter 13 bankruptcy, a filer is required to establish a 3-5 years arrangement plan that allows them to pay up the debt on a monthly basis slowly.After the repayment duration is completed, a large amount of the debt is normally paid up.
If you decide to file for bankruptcy, it is necessary that you find a professional who will take you through the entire process.They will direct you and ensure that your interests are well protected.Since this process involves serious financial matters, you are required to engage a law firm that will be able to handle the intensity of the matters.A perfect example of such affirm is the Wiseman Lee that is well known for its ability to deal with family and corporate law matters.