DOES DIVORCE INEVITABLY LEAD TO BANKRUPTCY? DEBT RESOLUTION STRATEGIES
August 17, 2016 | BANKRUPTCY
For many families, divorce and bankruptcy go hand-in-hand. Finances are a huge stress factor for many couples and are often a major catalyst within many marriage breakups. Divorce is often the route that couples choose when they are facing financial difficulty within their marriage. Each spouse will often believe that the other is responsible for the financial mess that they are facing and may decide to end their marriage over the dispute.
Divorce may resolve the constant bickering that the couple faces, but it will not cause the debts to go away. In addition, divorce is an expensive process that will force the couple to split their assets. Divorce proceedings often place the spouse in a poor financial position. In many cases, therefore, bankruptcy is often the next legal step after divorce.
If your divorce has led to the need for bankruptcy, you should discuss your case with our firm.
STRATEGIES FOR DEBT RESOLUTION AT THE END OF A MARRIAGE
Bankruptcy at the end of divorce does not have to be your story, however. At The Nesbitt Law Firm, we are available to help you write your own story; one that involves financial freedom rather than debt. If you have found yourself facing the possibility of bankruptcy in the midst of a divorce proceeding, it is important to weigh your options and know the implications of this action.
Our bankruptcy lawyer in Columbus can identify your options and keep you informed during the course of representation. We are here to help you through the process. Our goal is to work toward a positive resolution and we will not stop until that purpose is achieved.
DISCHARGING DEBTS BEFORE AND AFTER DIVORCE
Property division is one of the greatest battles that arise within a divorce case. We can help you resolve your debt matter prior to the divorce to make the situation less complicated after your marriage is dissolved.
Generally, the court will divide debts and assets equally, but other factors play a role in this decision. Some of the debts that will be split include:
- Credit card debt
- Medical bills
In some cases, filing jointly for bankruptcy may help you have an easier time during divorce.
Discharging debt after divorce may also be a possibility. You will not be able to discharge any of the following debts, however:
- Child support
- Property settlement debts
Our firm can help you seek the most appropriate resolution for your debt matter. We understand the complex situation you are experiencing and can be your guide through each step. Contact The Nesbitt Law Firm today for debt resolution after marriage in Columbus!