Important Points on 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.Divorce is not a simple process as there are numerous procedures required to complete it.Many divorced individuals suffer from financial problems due to their changes experienced after transitioning to single life.Once you realize that you are in a tricky financial situation, you can go for the alternative of filing for bankruptcy.The pointers below will help you to get a clear understanding of filing for bankruptcy after going through divorce.
There are a couple of reasons that lead people to result to filing for bankruptcy once the divorce process is complete.Most of the times, the challenge is normally the sudden transition of receiving single income from the usual dual income.If you are used to splitting bills with your spouse, it could be quite difficult to pay for them now as your income may not be enough to cater for all these needs.You will also notice that there are people who are left behind with their ex-spouses debts.If they applied for the loan using your details, you will be accountable for every single coin of that loan.Analyze your situation and determine whether filing for bankruptcy will be the best alternative for you.
There are two alternative bankruptcy options that divorced persons can choose to apply.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.For those whose income can be divided up to pay the debts slowly, they do not qualify for this bankruptcy application.When it comes to the Chapter 13 bankruptcy, a filer is required to establish a 3-5 years arrangement plan that allows them to pay up the debt on a monthly basis slowly.After the repayment duration is completed, a large amount of the debt is normally paid up.
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.Since this process involves serious financial matters, you are required to engage a law firm that will be able to handle the intensity of the matters.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.