Orlando Bankruptcy in Divorce Attorney

Financial struggles are very common for couples going through divorce. Problems around money are still one of the biggest reasons people get divorced or separated. If you are struggling financially and are also thinking about ending your marriage, you may wonder which process you should go through first. This is a common concern and each option has its own benefits and drawbacks. Below, our Orlando bankruptcy in divorce attorney explains further.

The Benefits of Filing Bankruptcy First

If you and your spouse both want to file bankruptcy, doing so before you divorce is more affordable. Filing a joint bankruptcy, instead of two separate bankruptcies, means you pay just one filing fee and only have to pay for one attorney. If you plan on filing Chapter 7 bankruptcy, doing so before you divorce can also make dividing property during divorce much easier. This can also help you save money, as well as a great deal of stress.

The Benefits of Filing for Divorce First

If you wish to file Chapter 13 bankruptcy, filing for divorce first may be most beneficial, as it may allow you to retain more of your property. Filing for divorce before you file bankruptcy is also a good option if you and your spouse cannot get along. If there are many disputes involved in your divorce, it may be more difficult to work with your spouse during the bankruptcy process and so, sometimes waiting until the divorce is finalized is more beneficial.

What to Know About Bankruptcy Post-Divorce

If your divorce has already been finalized and you or your spouse has been awarded child support or alimony, you may wonder if the bankruptcy will affect those payments. While you can discharge many types of debt in bankruptcy, including credit card debt, auto loans, and more, there are also certain types of debt you cannot discharge.

Alimony and child support cannot be discharged in a Chapter 7 bankruptcy case. This means that if you were awarded either of these types of payments, your former spouse is still responsible for them after divorce. Likewise, you must still pay them even if you filed Chapter 7 bankruptcy after divorce.

On the other hand, debts are discharged differently in Chapter 13 bankruptcy cases. A Chapter 13 bankruptcy also will not discharge your alimony or child support obligations. However, this type of bankruptcy will allow you to discharge some of your property settlement debts that are part of your divorce agreement.

Our Bankruptcy in Divorce Attorney in Orlando Can Help with Your Case

If you are facing divorce and bankruptcy, our Orlando bankruptcy in divorce attorney at Florida Law Advisers, P.A. understands what a difficult time you are going through. We are here to help make it easier. We can provide the legal counsel you need to make informed decisions that will help you obtain the best possible outcome. Call us now at 1 (800) 990-7763 or contact us online to schedule a consultation and to get more of the information you need.