Going through a divorce can be stressful enough for Minnesota couples. Add bankruptcy to the equation and the result is an emotionally charged situation. It is important to ensure that all issues are addressed so that both processes can advance and the parties can go their separate ways. Read on to see how the process works.
If the parties are past the point of agreement and cannot commit to filing for bankruptcy jointly, then it is recommended that the parties wait until the divorce is finalized. That way, you can see which debts you will be responsible for after the divorce and possibly eliminate them through bankruptcy. If the couple does agree to file jointly, then it is advisable to file for the bankruptcy first, and then divorce. This allows more debts to be paid off and makes the property division process a bit easier. The bankruptcy process is cheaper if both parties file jointly, since there is only one filing fee.
There are several types of bankruptcy, so you may want to know which type of bankruptcy is best for your situation. This can be determined by the value of your assets and the amount of debt. If you own a business with your spouse that may also affect the type of bankruptcy you choose.
If you are going through both a divorce and a bankruptcy, you are likely experiencing strong emotions. You need someone on your side who can help you through the process and look out for your best interests. The process can be overwhelming, but there is help available. Get a free consultation and let an experienced divorce attorney guide you.