Debt can be a difficult beast to manage especially during a time when your finances are in transition. Divorce is a perfect example of how debts can turn into an extremely problematic issue for someone that is now going to be living with just one income.
Many couples end up dividing up their deck during a divorce but if there is a major divide between the income of one spouse and the other, it can often go difficult for someone to pay down their half of the debt. Creditors can chase either party involved for the repayment of a debt even after the dissolution of a partnership.
What can also occur before divorce is the chance that one partner may take out a series of debts to affect the credit rating of the other person. In these troubling times it could be wise to consider the option for bankruptcy after the process of going through a divorce. Divorce are ready leads to serious financial complications and in order to move on with your life it could be wise to set up chapter 13 bankruptcy to handle debt relief and deliver a foundation for your future.
Working with a bankruptcy attorney can be one of the best ways that you can decide the option that will work ideally for your current needs. The process of chapter 13 bankruptcy can place you on a path of debt relief where is chapter 7 bankruptcy could allow you to access debt forgiveness for some of the major debts that your spouse may have taken out before you were divorced.
If you are going to be experiencing a troublesome financial future after divorce, contact our bankruptcy attorneys today.
This post was written by Trey Wright, a bankruptcy lawyer in Tallahassee. Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, which specializes in areas related to bankruptcy law, estate planning, and business litigation.