Orlando Divorce Bankruptcy Lawyers
Financial difficulties are all too common among families going through a divorce. To be sure, spouses often cite money problems as a reason for separation or divorce. If you’re dealing with serious economic problems and are also considering a divorce, which should you deal with first? Or if you are recently divorced and are thinking about filing for bankruptcy, are there specific family law matters that you need to take into account? Has your former spouse filed for bankruptcy? There are strategies and solutions that are creative and involve the interplay of these two unique areas of law.
At the law office of Goodblatt · Leo, our dedicated Orlando divorce bankruptcy lawyers can help with your questions concerning bankruptcy and divorce and the impact/combination of both. We understand that financial matters involving families can be extremely complicated, and we can offer years of experience in helping to resolve your case.
Filing for Bankruptcy or Filing for Divorce?
If you are planning to file for divorce but you’re also planning to file for personal bankruptcy, which should you do first? This is a common question among Orlando families, and it’s important to understand how the order in which you approach these questions could have a significant impact on your future.
In the event that both you and your spouse want to file for bankruptcy, you should know that filing for bankruptcy before divorce might save you some money. A joint bankruptcy, as opposed to two individual bankruptcies, can mean just one filing fee and only one bill for lawyer fees. In addition, if you and your spouse plan to file for Chapter 7 bankruptcy, filing before your divorce can make property division during the divorce much easier. To be sure, the process of property division will go much more quickly, saving you money and stress during your divorce. Filing for Chapter 13 bankruptcy, however, is also available to couples as a planning tool prior to entry of final judgment of divorce.
Filing for bankruptcy before filing for divorce can, in many cases, result in lower costs. At the same time, however, each case is different. You should contact an experienced Orlando family lawyer if you contemplate filing for bankruptcy and divorce in order to time them to your advantage.
Contact the Orlando Lawyers when Dealing with Bankruptcy After Divorce
If you’re already divorced and either you or your ex-spouse is considering filing for personal bankruptcy or has already done so, it’s likely that you have a lot of questions. For instance, if your ex-spouse files for Chapter 7 bankruptcy, will you be at risk of losing your alimony payments? If you file for bankruptcy, will you be able to discharge support obligations? What happens to a joint debt that one spouse agreed to pay as part of the divorce settlement if he/she files for bankruptcy?
If you or your ex-spouse file for Chapter 7 bankruptcy, there are certain financial obligations that simply are not dischargeable. Debts or obligations that often arise after divorce, but are not dischargeable through Chapter 7 bankruptcy, include but are not limited to:
- Child support; and
- Debts arising out of your divorce.
In a Chapter 13 bankruptcy, debts are not discharged in the same manner as a Chapter 7 bankruptcy proceeding. While a Chapter 13 bankruptcy will not relieve you of spousal or child support obligations, it does allow for the discharge of some property settlement debts that arose out of your divorce agreement.
Dedicated Orlando Divorce Bankruptcy Lawyers
Bankruptcy and divorce come with many complex issues. For Orlando residents who have questions or concerns about how bankruptcy can affect their divorce proceedings and vice versa, it’s extremely important to speak with an experienced Orlando bankruptcy and divorce lawyers. A dedicated lawyer at the law office of Goodblatt · Leo can answer your questions today. Contact us to learn more about our services.