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Considerations when going through a divorce and bankruptcy

by | Feb 27, 2015 | Chapter 7

Many law firms in New Jersey will tend to focus on specific areas of the law. At [nap_names id=”FIRM-NAME-2″] & Associates, our focus is on bankruptcy law, along with foreclosure law and the law as it relates to consumer debts like credit cards.

Other law firms may concentrate more on an area like family law. But often we see different areas of the law intersect with one another, and when it comes to divorcing couples who are contemplating bankruptcy this is one such area where different legal disciplines can come together.

If you have been divorced, or know someone who has, then you likely know how going through a divorce can be almost as difficult financially as it is emotionally. The longer a married couple has been together, and the more their finances have commingled, the more complicated and sometimes contentious it can become to separate them.

Add the prospect of personal bankruptcy to the separation process, and matters can become even more complex. Bankruptcy laws and rules introduce a number of tactical and strategic considerations to divorce, including:

  • Timing: does it make a difference filing for bankruptcy before or after a divorce?
  • Going through bankruptcy alone, or together: is it advantageous for one spouse to file by his or herself, or should the couple file together?
  • Asset distribution: How will a bankruptcy affect the division of marital assets? Does it make a difference if you use Chapter 7 or Chapter 13?
  • Multiple courts: bankruptcy law is the realm of a separate court from family law. How do the two courts work together? What conflicts might arise between them?

The issues above are just some of the things that should be taken into account when you are thinking about a combination divorce and bankruptcy. We can help you to look at all of the bankruptcy-related questions relevant to your specific circumstances if you are also going through a divorce, and to help you to choose the course of action that is best for you.


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