Working To Remove The Financial Stresses Of Divorce
One of the primary causes that can lead a couple to divorce is financial difficulties. Working with a family law attorney can help you resolve divorce-related issues, but he or she may not be able to give you the focused legal advice you need to resolve the financial challenges you’re facing or counsel you on your debt relief options.
At Janvier Law Firm, PLLC, our team of skilled bankruptcy attorneys understands how connected divorce and bankruptcy petitions can be for many couples in North Carolina, which makes us a go-to source of information in these life-changing situations. Our lawyers have a good working rapport with family law attorneys in the Raleigh-Durham area, which means clients get a cohesive strategy that tackles all divorce issues, including seeking debt relief options prior to or following a petition for divorce.
How Divorce And Bankruptcy Are Related
During the course of marriage, debts are almost always accrued. When it comes time for divorce, marital debts are split equitably in accordance with North Carolina property division laws. While this process is considered fair in the eyes of the law, it can potentially put one or the other spouse (or both) in a very difficult financial position post-divorce that leaves one or the other (or both) needing to file bankruptcy.
The best financial decision may be for both parties to file bankruptcy, and not spend money on divorce lawyers fighting over splitting up the debt. It may be possible for the parties to file a joint bankruptcy. However, there may be a conflict of interest for us to represent both spouses. If so, we will refer one spouse to another reputable firm.
It’s very important for divorcing couples to keep in mind that if they do decide to file Chapter 7 or Chapter 13 bankruptcy, obligations for child support and spousal support cannot be discharged. In addition, equitable distribution claims are not discharged in Chapter 7. They are in Chapter 13.
When Is The Right Time To File Bankruptcy?
There is no inherently right or wrong answer to this question. When you should file bankruptcy depends on a number of different factors. It takes the analysis of a skilled bankruptcy lawyer to identify the correct timeline based on your specific needs and goals.
For more than 30 years, our attorneys have prided themselves on helping clients navigate the complexities of bankruptcy, including conducting thorough reviews in case of divorce. This detail-oriented approach helps us identify the unique elements that will affect your legal strategy and gives us the insight needed to develop the right plan for you.
Begin Protecting Your Financial Future
Our understanding attorneys are ready to work with you to find answers that position you for long-term financial success. To schedule a consultation at our office in Raleigh, call 919-301-0628 or contact us online. We stand ready to start you down the path to living debt free.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.