How to Continue With a Bankruptcy Petition During Divorce
Financial difficulties can put strain on a marriage and contribute to the decision to file for divorce. Couples who decide to file for divorce in the midst of filing for bankruptcy may face complications in terms of discharging their debts and reporting their assets. For this reason, couples filing for both at the same time need to take additional steps to ensure that this process goes smoothly.
Consult with an Attorney
Filing for divorce may affect your bankruptcy filing status and your ability to meet the obligations in a Milwaukee Chapter 13 repayment plan. That’s why it’s best to seek the help of an attorney who has significant experience with bankruptcy law. You may need to consult with both a divorce attorney and a bankruptcy attorney throughout the course of your case. Your attorneys can help each other determine whether or not it’s in your best interest to proceed with divorce before your Chapter 13 petition is resolved.
Establish Divorce Settlement
You should try to create a divorce settlement agreement with your spouse that determines how the monthly payment plan of a Chapter 13 petition will be divided between you. Failing to reach an agreement means that you may have to handle the matter in court, which may reject the notion of designating one spouse as solely responsible for the debt.
Talk to Your Trustee
You need to talk to the trustee assigned to your case about your plans to file for divorce. Your trustee receives monthly payments and allocates them to your creditors according to your payment plan, so he or she will need to review your proposed divorce settlement and individual spousal incomes.
Call (877) 891-1638 to discuss your filing options with Milwaukee bankruptcy attorney Michael Burr. We provide affordable services to help eliminate or consolidate your debts. Our goal is to help you find permanent relief from your financial hardship and secure a positive financial future.