Bankruptcy After Divorce

After an individual has gotten a divorce, he or she may be left with immense debt. In many cases, since individuals are left to pay their debts with only one income, bankruptcy becomes the only option for relieving these debts.

Individuals may anticipate their debts before getting divorced, but waiting to declare after the divorce is finalized may have some advantages. If you are getting divorced and face large, unmanageable debts, contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, at 480-829-0494.

The Benefits of Declaring After Divorce

The main benefit of declaring bankruptcy after divorce is for individuals whose spouses will not be left with large debts after the divorce. For one, the spouse likely will not consent to a joint filing if he or she will be financially stable after the divorce.

Additionally, declaring bankruptcy after divorce will clear an individual’s debts, including the debts that the individual was left accountable for after the division of marital debts.

It is important to note that in many cases, marital debts are not discharged, just transferred. In other words, creditors may hold the other spouse accountable for paying off the remaining balances.

Individuals who may be interested in declaring bankruptcy after getting divorced should discuss their options further with an experienced Arizona bankruptcy lawyer.

Contact Us

The Arizona bankruptcy lawyers of the Harmon Law Office, LLC, may be able to help you through the process of bankruptcy after you have gotten divorced. Contact us today at 480-829-0494 for more information.