Bankruptcy and divorce are two of the most stressful and crushing events a person can face. And, it is well-known that one often begets the other. If you know or believe you may be facing both, you probably have many questions. Which one comes first? Can I do all of this at once? What is going to happen to my life and my future?
The Law Office of Thomas C. Bradley is here to help. You have options, and you need to understand how these options can affect your case so that you can make an informed decision that will best serve your interests. Each case is unique and there is no single right answer for those who are facing these tough challenges. Attorney Thomas C. Bradley is here to help you decide how to handle the balance of divorce and bankruptcy is you are considering bankruptcy for yourself and what to expect and how to protect yourself if you believe your spouse may seek bankruptcy relief during or after your divorce.
If you live in Reno or Sparks, Nevada, call 775-323-5178 today to schedule an initial consultation with Mr. Bradley.
Bankruptcy or Divorce First?
The big question that many couples have when they know the marriage is over and that their debts have spiraled out of control is not whether they will be getting a divorce and filing for bankruptcy, but in which order they should proceed. When it comes to divorce, many couples want to get it over with as quickly as possible so they can move on and deal with the financial fallout later. But that is not always the best course of action.
In any event, divorce and bankruptcy should not be filed at the same time. It only complicates things and slows the process down, creating more stress and expense. Bankruptcy and the property division portion of divorce cannot occur together, so your divorce will be put on hold.
If you and your spouse are on relatively good terms, clearing the bankruptcy hurdle before tackling the task of disentangling your marital assets may be the way to go. This is especially true if you are considering Chapter 7. You and your spouse can use one attorney for the bankruptcy instead of having to have two, and by filing for bankruptcy jointly, you will only have to pay one filing fee. Also, when you file jointly, Nevada allows each of you to claim your full exemption amount to help protect your property.
Filing for bankruptcy before divorce is not the best option for all couples. Couples looking at Chapter 7 may find that their joint income disqualifies them. Those who are seeking Chapter 13 may do better by getting the divorce out of the way first because Chapter 13 is a much lengthier process and takes several years to complete.
Of course, this is just the tip of the iceberg of issues and factors that come into play when facing both divorce and bankruptcy. An experienced divorce attorney will look at all of the facts and circumstances in your case and explain your options, along with their advantages and disadvantages. Attorney Thomas C Bradley is here to guide you through these complex legal matters and help you choose the path that best fits your unique situation and needs.
Call Us Today
To learn more about the Law Office of Thomas C. Bradley and how we can help you, please call us at 775-323-5178 or contact us online so that we can set up your initial consultation. We welcome clients from Reno and Sparks, Nevada.