Should I file bankruptcy before or after my divorce?
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Should I file bankruptcy before or after my divorce?
Bankruptcy Type If your bankruptcy is a simple Chapter 7 bankruptcy, then filing it before your divorce may be the best option. Since Chapter 7 bankruptcy can be filed and complete in just several months, there's no reason you and your spouse can't file jointly, discharge your debts, then divorce afterwards.
Can you file for bankruptcy and divorce at the same time?
You can file legal motions at the same time, but in most jurisdictions one case will take precedence over the other. If both cases are pending simultaneously, bankruptcy is typically suspended until the divorce court apportions marital debts and assets to each party.
What happens if you divorce during bankruptcy?
Even if you get divorced during your Chapter 13 bankruptcy, you can still continue making your regular plan payments. Also, the financial burden of divorce and maintaining two separate households typically doesn't allow debtors to afford their regular plan payments.
Can I file bankruptcy and not affect my husband?
You can file for a bankruptcy in California either jointly with your spouse or individually. California is a community property state, and even if you file bankruptcy separately without your spouse, your community property is protected. Creditors cannot come after any part of it as long as you are married.
How long does it take for a divorce to be finalized after filing?
six monthsOnce you file the divorce petition and serve it on your spouse, you will have to wait at least six months for your divorce to be finalized.
Is there any advantage to filing for divorce first?
Filing first may prevent your husband from hiding assets. Deplorable as it is, many husbands hide assets during the divorce process. Filing first, particularly if you live in a state which requires an Automatic Temporary Restraining Order (ATRO), may help guard against any underhanded tactics.
