QUESTION
Should I wait until my divorce is final and then file for bankruptcy?
Asked on Oct 19th, 2011 on Bankruptcy - Georgia
More details to this question:
I have already hired an attorney and I am in the process of getting information together for an amicable divorce. My husband might be losing the house that he is solely listed on for the mortgage (he acquired it while married to me though). We had a premature infant and thus I have been stuck with thousands of dollars worth of medical debt. My question is, should I wait until the divorce is over to file bankruptcy?
11 ANSWERS
Debtor's Rights Attorney serving Atlanta, GA
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Theodore N. Stapleton, P.C.
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You need to ask your divorce lawyer but generally you should wait until after the divorce.
Answered on Oct 25th, 2011 at 4:32 PM
Family Law Attorney serving McDonough, GA
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South Atlanta Family Law
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If you and your husband are separated and do not live together, it really doesn't matter either way as long as you are completely aware of all of your debts, including those you have joint liability for.
Answered on Oct 24th, 2011 at 6:01 PM
Stephen M. Goldfarb
If you file while married you can file under one petition and filing fee.
Answered on Oct 24th, 2011 at 1:37 PM
Whether or not you should wait until your divorce is final to file for bankruptcy depends on the specific facts and circumstances of your case. If all of your assets are exempt, your bills are high, and your income is low enough to pass the means test, you may be a good candidate for bankruptcy now, while you are still in the process of getting a divorce. This is particularly true if you anticipate that your income may increase and that you may no longer pass the means test after your divorce is final. My best advice: talk to a certified specialist in bankruptcy law about your situation.
Answered on Oct 21st, 2011 at 3:50 PM
I think you should get to the bankruptcy lawyer's office ASAP. If you can get your case filed before your divorce is final, you will be able to file a joint petition with your spouse. There will be one filing fee and one attorney's fee. If you wait until after the divorce is final, you would each have to file your own case - costing you two filing fees and two attorney's fees. Plus, by filing a joint case, you can be rid of your dischargeable debt and won't therefore have to allocate it in the divorce settlement. It really makes no sense to wait. You should do it NOW.
Answered on Oct 21st, 2011 at 3:49 PM
Daniel James Wilson
Probably a good idea to wait. Filing a BK would delay the divorce. If you and your husband can get along well enough to file jointly, that is an option you should investigate, with your BK attorney.
Answered on Oct 21st, 2011 at 1:59 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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One factor to consider is the exemptions you are allowed to claim for your assets. You may need your spouse's permission, called a spousal waiver, to claim certain exemptions. If you can obtain the waiver you won't have to wait.
Answered on Oct 21st, 2011 at 1:53 PM
Chapter 7 Bankruptcy Attorney serving Huntington Beach, CA
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Law Offices of Robert Parkinson Taylor
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Sometimes it's better to file before, sometimes after and sometimes it doesn't make any difference. You need to discuss the amount and nature of all your debts and assets with a bankruptcy attorney before anyone could tell you for sure. You may also want to file together, which generally is less expensive than filing separately and may have other pros and cons.
Answered on Oct 21st, 2011 at 1:51 PM
Bankruptcy Attorney serving Seattle, WA
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The Law Office of Marc S. Stern
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Like most legal issues, it depends. If both of you are going to file eventually, it is better to file a joint case before. If both are not going to file, then you need to look at the debts, who the creditors are and what the other party will do with respect to disputed debts.
Answered on Oct 21st, 2011 at 1:48 PM
Bankruptcy Attorney serving Buford, GA
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Kenneth A. Parker, PC
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It depends on your current financial situation. You may want to go ahead and file now, but it may make more sense to wait until after your divorce to file. A big factor would be how aggressive your creditor are acting. Are they calling you at home or on the job? Are you currently being sued by any creditor? Another factor would be your current monthly income and if you would qualify for a Chapter 7 or 13. From your question, it sounds like you are not divorced yet. If you are still married, you may want to consider filing a joint bankruptcy, which might make sense if he is going to lose the house anyhow. Most bankruptcy attorneys don't charge extra for a joint case and you both could split the fee to file. If the pending divorce is amicable, a joint bankruptcy may make it more amicable in the long run because there may not be any money issues to haggle over other than Child Support and/or Alimony.
Answered on Oct 21st, 2011 at 1:27 PM
Bankruptcy Attorney serving Atlanta, GA
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Jakob-Barnes Law Firm, LLC
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You do not have to. If your husband also has debt, you can file together before the divorce is final.
Answered on Oct 21st, 2011 at 12:10 PM