Bankruptcy and Divorce in New York City
Bankruptcy and divorce often go hand in hand in New York City; in fact many of our clients end up filing bankruptcy because of their divorce. It may not be pleasant, but if you can plan ahead with your spouse you will likely have a better outcome filing bankruptcy before you move forward with divorce. Filing jointly can significantly reduce your attorney and court costs, but more importantly, filing bankruptcy jointly will make things easier when it comes time to divide your joint property and debts in the divorce process. The simpler the divorce the more affordable it will be. Obviously not every married couple on the brink of divorce will be willing to work together, so there are many other bankruptcy strategies available if your spouse is unwilling to file with you. If you are underwater on your debts and have been financially affected by splitting with your spouse then consult a qualified bankruptcy attorney in New York City. You can find bankruptcy relief from the joint debts you share whether your ex is onboard with your bankruptcy or not.
Battling with your spouse in a divorce over which debt belongs to who can be costly, time consuming and emotionally draining. Furthermore, just because one spouse is deemed responsible for a debt by the divorce court doesn’t mean the other spouse is off the hook from the creditor. That is to say if the divorce court orders you to pay the bill for a credit card you shared with your ex wife but you file bankruptcy instead, the credit card company can and will go after your ex-wife to collect. If your ex-wife decides to pay the debt, she can sue you for the money later via the original divorce decree, but since you are filing bankruptcy it will be very hard and expensive for him or her to come after you in court again. If the divorce hasn’t gone your way filing bankruptcy might help get you back on your feet and with the true fresh start you need from your debts and former marriage but every debt situation is unique.
Bankruptcy is not for everyone in debt like divorce is not for every couple having troubles, but if you find yourself unable to pay your bills because of marital problems it’s probably best to seek the advice of a debt relief professional. If you can work with your spouse on a joint filing before the divorce it may be advantageous, but even if your spouse or ex-spouse is unwilling to cooperate you can still find the debt relief you need and are entitled to by law. If you need an attorney sensitive to bankruptcy and divorce issues and live in New York City contact the Law Offices of William Waldner online or at 212.244.2882 to arrange a free bankruptcy consultation today. We know what to expect before filing your case. We only practice bankruptcy law and maintain a 99% Chapter 7 bankruptcy discharge record in New York City as of 8/31/16.
**** DISCLAIMER: This article is intended for educational purposes only. By reading no attorney-client relationship has been created. Prior results do not guarantee a similar result for future clients.