Financial difficulties often bring about stress in a marriage, and this is why those considering divorce may also be looking into the option of bankruptcy. Dealing with financial stress at the same time as being in a toxic relationship can be an extremely stressful situation. While you can’t change that right now, you can start to take positive action so that you can gain new control over the situation.
If you want to file for bankruptcy and divorce, you may be wondering which you should do first. You may even consider filing for both at the same time. The following are some things that you should consider before doing so.
Filing for both divorce and bankruptcy at the same time leads to complications
The legal complications of filing for both divorce at bankruptcy at the same time can lead to chaos. Therefore you should avoid doing so and consider which should be filed for first. The best choice for you will depend on your individual circumstances.
You may want to file for Chapter 7 bankruptcy before divorce
Chapter 7 bankruptcy allows for double exemptions for married couples, and it can be completed in a matter of months. Therefore if you intend to file for Chapter 7 bankruptcy, you may want to file for bankruptcy before filing for divorce.
Other bankruptcy Chapters, such as Chapter 13 bankruptcy, can take 3-5 years to complete. Therefore you may want to file for divorce before embarking on this process.
If you are struggling with your finances and in your marriage, you should take the time to understand the legal options you have so that you can improve your situation.