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How Bankruptcy Affects Divorce

How Bankruptcy Affects Divorce

Facing either bankruptcy or divorce is challenging, but handling both at the same time can feel overwhelming. If you and your spouse have already filed bankruptcy, there are unique considerations that will have to be addressed to ensure both the divorce and bankruptcy can advance as planned. At the law office of Sheridan & Dulas, P.A., located in Eagan, Minnesota, we are lawyers experienced in handling matters where bankruptcy and divorce intersect.

If You Have Not Filed Yet

If you know divorce is unavoidable but you have not begun the process yet, there are some facts that make it advisable to file bankruptcy before divorce. Filing before the divorce underway allows you and your spouse to file jointly. As a result, certain debts can be resolved as part of the bankruptcy. That will allow those debts to be taken off of the table when you are settling property and debts as part of your divorce. Furthermore, there will only be one filing fee if you file jointly. When the marriage has broken down beyond the point of the two of you agree to file bankruptcy jointly, you can still choose to file on your own. Although one of our experienced attorneys can give you more personalized advice, filing individually often makes more sense after the divorce is complete. It might be difficult to know which debts you will be assigned responsibility for in the divorce, and it is better to know for sure by waiting until the court has entered the final divorce judgment.

Divorcing And Choices For Filing Bankruptcy

If you have filed, you have already chosen the type of bankruptcy appropriate for you. However, if you are still deciding the best way to proceed, in addition to deciding when to file, you - with or without your spouse - will have to determine which type of bankruptcy best fits your situation. Some of the factors a qualified attorney will consider in helping you reach this conclusion are: how much total debt you have, whether you and your spouse own a business together, and the value of the assets you possess. You do not have to let these two major life decisions overwhelm you. There is help available, and we can help guide you at a free consultation. The potential effect on your life is huge, and this is a situation in which experienced representation can make a considerable difference in the outcome and, as a result, in your future. Call Sheridan & Dulas, P.A., at 651-686-8800 or contact us online to talk to a lawyer about bankruptcy and divorce.

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