Declaring Bankruptcy Before Divorce
If you and your spouse are headed toward divorce and neither of you are in good financial shape, it may be a wise choice to declare bankruptcy as a married couple before pursuing the divorce. This is especially true if one or both of you may have to declare bankruptcy immediately after the divorce.
Bankruptcy before divorce has several advantages for some people. If you and your spouse are headed toward divorce and also need to declare bankruptcy, contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, at 480-829-0494 to learn more about your legal options.
Advantages of Pre-Divorce Bankruptcy
There are many advantages to declaring bankruptcy before getting a divorce for couples who have financial struggles. It is not uncommon for one spouse to declare bankruptcy after debts are divided in a divorce. Instead of these debts being discharged, though, they become the other spouse’s burden.
Declaring bankruptcy before getting a divorce safeguards individuals from assuming their ex-spouses’ defaulted debts. Additionally, it:
- Leaves individuals with a clean financial slate
- Lets spouses pay just one filing fee
- Makes the division of debts and assets easier
Some married couples may even find that their marital troubles dissolve when money problems are no longer an issue, and are able to save their marriages.
Contact Us
The Arizona bankruptcy attorneys of the Harmon Law Office, LLC, may be able to help make your decision about declaring bankruptcy before divorce a little easier. Contact us today at 480-829-0494 to discuss your case with our experienced attorneys.