If my husband and I separated a year ago, should we file bankruptcy together or divorce first?

Still not divorced.

Asked on March 17, 2011 under Bankruptcy Law, Illinois

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Unfortunately there is no cut and dried answer to this.  There are a numerous issues to be considered.  Does your spouse also want to file? What does state law allow? What assets do you own? What Chapter should you file under (i.e. is a 7 or 13 most advantageous/available under the circumstances)? There can be benefits to filing jointly prior to divorcing, but it may also be better to get divorced first and then file separate bankruptcies.

At this point, you need to consult directly with a bankruptcy attorney in your area.


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