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Bankruptcy and Divorce....What To File First?

Many people cite divorce as a leading reason for their bankruptcy filing. However, planning ahead can make both your bankruptcy and your divorce less complicated and more cost effective. Whether you should file a bankruptcy before or after a divorce depends on how much property and debt you have, and what type of bankruptcy you wish to file.

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Let Us Help:  317-748-7772

Read on to learn more about what to consider when deciding which you should file first: bankruptcy or divorce.

Bankruptcy and Divorce Costs

Bankruptcy filing fees are the same for joint and individual filings. So filing a joint bankruptcy with your spouse before a divorce can save you a lot on court fees. Also, if you decide to hire a bankruptcy attorney, your attorney fees will likely be much lower for a joint bankruptcy than if each of you filed separately. However, you should let your bankruptcy attorney know about your upcoming divorce as there may be a conflict of interest for him or her to represent you both.

Chapter 7 vs. Chapter 13 Bankruptcy

A Chapter 7 is a liquidation bankruptcy designed to get rid of your unsecured debts such as credit card debt and medical bills. In a Chapter 7, you usually receive a discharge after only a few months. So it can be completed quickly before a divorce.

In contrast, a Chapter 13 bankruptcy lasts three to five years because you have to pay back some or all of your debts through a repayment plan. So if you were looking to file a Chapter 13, it may be a better idea to file individually after the divorce because it takes a long time to complete.

Whether you are going through a divorce, bankruptcy, or both please let an experienced attorney help you through this rough time.

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