All You Need To Know about Filing Bankruptcy after Divorce
Every couple claims that they will be together in marriage until they die.Things may not turn out to be as expected; thus couples opting to divorce.The process of divorce is quite complicated as it involves a couple of steps that require serious attention.Many divorced individuals suffer from financial problems due to their changes experienced after transitioning to single life.If you are facing financial challenges after a divorce, you could opt to file for bankruptcy.Below is information that will enable you to get a better understanding of the process in topic.
People choose to file for bankruptcy after divorce as a result of several factors.Most of the times, the challenge is normally the sudden transition of receiving single income from the usual dual income.For those who used to share financial responsibilities with their partners, the new changes could result to problems when it comes to paying for bills and other essentials.You do not want to fall into the category of individuals that are left with the responsibility of paying for some of their ex-spouses debts.This is possible if they took a debt in your name, possibly with your credit card.Find out whether you can get any other means to clear the debts before you settle for filing bankruptcy.
Individuals that have divorced can choose from two types of bankruptcy filing options.If a filer prefers to put up some of their property for sale to clear their debts, the Chapter 7 bankruptcy is a great option.The sale of these property facilitates the clearance of some of the debts of the filer.However, not everyone qualifies to apply for the Chapter 7 bankruptcy as they have sufficient income that can be divided in a manner that will eventually pay off their current debts.The Chapter 13 bankruptcy requires the debtor to develop a 3-5 year plan which they will follow to clear their debts in monthly installments.Once the repayment period is over, most of the remaining debts are cleared.
Once you decide to take this road; it is crucial that you hire a professional in this line of work that will offer you the assistance and guidelines that you will require.You need them as they know what needs to be done to achieve the desired outcome.As you will be dealing with convoluted financial matters; it is advisable for you to hire a law firm that has a wide range of expertise in the process.The Wiseman Lee law firm is a great example of a corporation that has qualified and reliable professionals who will ensure that you get the desired outcome from the process.