There may come a time in your life when you realize that divorce is your only option. You’ve tried everything else, but your marriage simply isn’t working.
Despite your feelings, you realize that your finances are in a state of disarray, which makes it even more difficult to move forward with the divorce process.
While it feels like your life is spiraling out of control, you have what it takes to survive both divorce and bankruptcy. As long as you have a plan and take one small step at a time, you’ll eventually reach the end of the road.
What comes first?
The first thing you must do is decide in favor of divorce. If you’re sure that this is what you want, discuss your feelings with your spouse so that they understand that you’re moving forward with the legal process to dissolve your marriage.
What about bankruptcy?
Once you lay out your feelings with respect to divorce, turn your attention to your current financial circumstances. Alongside your soon-to-be ex-spouse, consider the steps you can take now to improve both of your financial futures. For many divorcing couples, this means filing for bankruptcy before going through the divorce process. For example, if you qualify for Chapter 7 bankruptcy, you can use it to eliminate a good portion of your debts.
Maybe you have joint credit card debt that neither of you can afford. Rather than split it down the middle and deal with it separately post-divorce, a Chapter 7 bankruptcy filing can help you discharge it.
Yes, taking on divorce and bankruptcy at the same time is a lot. However, once you have a plan in place, you’ll feel better about your ability to reach the finish line.
Remember this: It’s a lot to go through now, but both divorce and bankruptcy can lead you toward a brighter future. Keep that in mind when you face challenges that have you second-guessing yourself.
If you’re ready to tackle divorce, bankruptcy or both at the same time, learn more about your legal rights and the steps you can take to protect them.