Michael E. Golub, P.A.

How should I address a failing marriage and high debt?

If you and your spouse are struggling with serious financial problems and also planning to get divorced, you are not alone. Many couples in Florida find themselves facing these issues as money can be a common issue in many marital challenges. If your debt or lack of sufficient finances to support your life is severe enough, you might even be contemplating filing for bankruptcy but that may logically lead you to wonder if you should do that before or after you get divorced. 

Divorce and bankruptcy can each be draining experiences but both may offer you the fresh start in life you need. As My Horizon Today explains, whether you tackle your bankruptcy first and then your divorce or your divorce first and then your bankruptcy depends in part on multiple factors. One of these is how well you and your spouse would be able to work together to file a joint bankruptcy. A joint bankruptcy will require some cooperation so understanding this is essential.

Also important is determining the type of bankruptcy that is right for you. A Chapter 13 plan lasts between three and five years so may string out your divorce or force you to split your bankruptcy plan if you divorce in that timeframe. A Chapter 7 plan ca be completed much faster so may be more likely for you to do before you get divorced.

This information is not intended to provide legal advice but is instead meant to give Florida residents an overview of the things they may want to consider before deciding if they should file for divorce before or after pursuing a bankruptcy.

 

 

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