What You Ought to Know about Filing Bankruptcy after Divorce
As each couple gets to say their vows during their wedding day, they all claim that only death can part them.There are times when the marriage simply cannot work, resulting to the couple choosing to divorce.Divorce is not a simple process as there are numerous procedures required to complete it.Many divorced individuals suffer from financial problems due to their changes experienced after transitioning to single life.If you are facing financial challenges after a divorce, you could opt to file for bankruptcy.If you are not sure whether this is the best option for you, below is information that will enlighten you on this topic.
There are various reasons that could lead you to consider filing for bankruptcy after divorce.Many are the times where the main problem results from the abrupt change of income from dual to single.If you are used to splitting bills with your spouse, it could be quite difficult to pay for them now as your income may not be enough to cater for all these needs.You will also notice that there are people who are left behind with their ex-spouses debts.If they applied for the loan using your details, you will be accountable for every single coin of that loan.Analyze your situation and determine whether filing for bankruptcy will be the best alternative for you.
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.If your income can be planned out to pay your debts; you will be required to apply for the Chapter 13 bankruptcy.The Chapter 13 bankruptcy requires the debtor to develop a 3-5 year plan which they will follow to clear their debts in monthly installments.Once the repayment period is over, most of the remaining debts are cleared.
As you file for bankruptcy, ensure that you have found a professional in this line of work as you need them to guide you through the process.You need them as they know what needs to be done to achieve the desired outcome.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 good example is the Wiseman Lee law group that is entailed of attorneys that are specialized in both corporate and family law.