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Divorce is a very financially draining process, and it is unfortunately often connected with the process of filing for bankruptcy. These processes are very complex, regardless of whether you and your partner file them together or separately. When you file for bankruptcy during or after divorce, it can allow you to obtain a new financial start. A Chattanooga divorce & bankruptcy lawyer can help you navigate the process of bankruptcy and determine how it can benefit you.
Many spouses may be getting divorced because of financial difficulties. Spouses can also be dealing with the consequences of their spouse’s excessive spending. Divorce usually results in numerous financial obligations, such as child support and spousal support payments. All these costs can add up and make bankruptcy more necessary during the divorce process.
Bankruptcy and divorce are frequently tied together, as a study from 2017 shows that 24.2% of individuals report being separated or widowed four years before bankruptcy, and this increases to 30.3% one year before filing for bankruptcy.
You have options to address your debt and limited finances during or after divorce. At Mark T. Young & Associates, we know how bankruptcy and divorce frequently impact each other. We have helped many individuals and couples navigate the process of bankruptcy, which can frequently make the process of divorce go more smoothly.
Whether you are securing a Chapter 7 or Chapter 13 bankruptcy, our firm can explain the benefits and drawbacks of the process. Mark T. Young & Associates have spent over three decades helping clients navigate bankruptcy proceedings, and he has focused only on bankruptcy cases for the last 15 years. Our firm has the knowledge and resources needed to help you make informed choices about your finances.
When you reach the end of your divorce and bankruptcy cases, you could secure the fresh start you need. That way, you can begin to move forward with your life.
Our firm understands how financially straining divorce can be, and we know how emotional tensions can be worsened by a difficult financial situation. Our legal team can work to help you protect your financial future. To that extent, we have helped couples and individuals determine if they should file for bankruptcy while going through divorce proceedings. In some cases, it is advisable for the couple to file together. In other cases, it is best for each person to file separately.
Oftentimes, divorce lawyers send their clients to our firm to file for bankruptcy. Depending on your situation, filing for bankruptcy before handling your divorce can help streamline your divorce proceedings.
In 2024, there were 6,748 cases of bankruptcy filed in the Eastern District of Tennessee, which was a 1.9% increase from the prior year. 2,768 of those cases were filed in Chattanooga. Nationwide, there were 517,308 bankruptcy cases filed, ranging from 262 to 25,911 cases in different districts of the 50 states.
Bankruptcy can help you address the financial losses and debts from a divorce, along with any you had prior to the divorce. When you cannot repay your debts, bankruptcy can allow you to cancel certain debts or enter into a repayment plan that makes them more manageable.
Filing for bankruptcy can also enable you to meet support payments. When you already have significant debt, it can be difficult to meet these payments. Bankruptcy could address some of your existing debts by lowering or cancelling them, which can make it easier for you to meet your court-ordered obligations.
Additionally, you are responsible for many of the debts you incur in marriage, even after divorce. Creditors may contact you if your ex-spouse fails to make payments on their debt. Filing for bankruptcy can help you and your ex-spouse address the payments you cannot make.
Bankruptcy can resolve many of these issues. However, it is crucial that the bankruptcy is filed at the right time. It is also important to know in advance whether you are filing individually or jointly.
The two main types of bankruptcy used by individuals are Chapter 7 and Chapter 13 bankruptcy.
Both types of bankruptcy also pause collection actions by creditors, including stopping them from contacting you. You will have more financial ability to meet your bills and support payments after a divorce.
When you approach bankruptcy with a skilled attorney, they can give you tailored legal advice about your specific financial situation and determine if these types of bankruptcy can help you.
Bankruptcy is a complicated process, just like divorce. As you work with a divorce attorney to protect your rights in the divorce process, you should also work with a bankruptcy attorney to defend your financial future. Bankruptcy is not the right option for everyone, but it can be a very useful tool. A bankruptcy attorney can help the process be more successful and avoid problems that could prevent you from securing bankruptcy.
Mark T. Young & Associates is a debt relief agency that helps people like you file for relief through the Bankruptcy Code. We can help you manage your debt and determine if bankruptcy is the right choice for your situation. Contact our firm today.
At Mark T. Young & Associates, We Get You The Help You Need.
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