Sound Guidance During an Emotional Time
If you are going through a divorce and also contemplating bankruptcy, there are many benefits to filing with your spouse. At Bishop & Associates, L.L.C., our Fort Collins bankruptcy and divorce attorneys will guide you through the bankruptcy process and explain your options. We are committed to helping clients in Fort Collins and throughout Colorado understand the impact that bankruptcy will have on their divorce proceedings. You can count on us for sound guidance during an emotionally demanding time.
Should You File Bankruptcy Before or After Divorce?
During a divorce, many important decisions must be made about dividing property and debt. If you and your spouse have significant debt that you would like to eliminate, you may be considering bankruptcy. Our clients often have questions about whether it is better to file bankruptcy individually or as a couple and whether they should file before or after the divorce. You may also have questions as to whether Chapter 7 or Chapter 13 is the right option for you.
At Bishop & Associates, L.L.C., we consider your and your spouse's unique financial and marital goals before recommending a solution. However, we generally recommend that couples file for bankruptcy together before filing for divorce. Bankruptcy can help you wipe out debt before the divorce and simplify the property and debt division process.
When you or your spouse files bankruptcy, separately or as a couple, all of your marital property will be put into the bankruptcy estate and may be used to pay your debts. The automatic stay goes into effect, which prevents creditors from calling you and stops any repossession and foreclosure or garnishment actions. The automatic stay does not stop spousal maintenance or child support obligations.
Though you and your spouse must retain your own divorce attorneys, if you choose to file bankruptcy together, you both can share a bankruptcy attorney, saving you money. Additionally, filing for bankruptcy protects you from any bankruptcy actions that your spouse could potentially take in the future.
Contact a Larimer County Joint Bankruptcy Attorney for a Free Consultation
To discuss your case with one of our experienced lawyers during a free consultation, contact us online or call 970-672-1038 or toll free at 866-599-1897.
