Should I file for bankruptcy before or after getting a divorce?

If you thought that filing bankruptcy after a divorce would miraculously make your alimony or child support disappear, think again.  Support obligations are not dischargeable in a Chapter 7 or Chapter 13 bankruptcy.  So when is the best time to file for bankruptcy?  It might make your case easier to file for bankruptcy before you file for divorce.

Settling your debt prior to filing for divorce can simplify your divorce proceeding, making it easier for you and your spouse to divide debt.  This could also protect you from an ex filing for bankruptcy after the divorce in an attempt to leave you with debt from the marriage.

You and your spouse can file for bankruptcy separately or jointly, however jointly allows community property (property, including money acquired during the marriage) to be divided up to pay debtors for the estate.  In addition, much of the legwork needed to file for divorce is also needed to file for bankruptcy.  If you file for bankruptcy first, you will already have a division of assets and an idea of what you have going forward.

Filing for bankruptcy before filing for divorce allows you and your soon-to-be ex a fresh start from creditors and each other.  Contact bankruptcy law firm Fears | Nachawati for all of your bankruptcy needs.