Would it be best for both parties to proceed witha bankruptcy and then file divorce?

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Would it be best for both parties to proceed witha bankruptcy and then file divorce?

Wife has not worked in 1 yearand our debt has become too much of a burden to pay. We are looking at Chapter 13; in fact we have started those proceedings. Now we are separated and facing divorce. It is a mutual consent with no fault.

Asked on August 15, 2011 Texas

Answers:

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 10 years ago | Contributor

This is something you're going to need to discuss with an attorney in your area because it is going to depend in part on the laws of the state you're in (i.e. whether it is a community property/community debt state or not).   In general, it's a really bad idea to do a Chapter 13 case if you are getting divorced, because it requires both spouse's cooperation for the entire duration of the case, which is at least 36 months and usually 60+.   If you've already filed your case as you indicate, you each need to  independently assess the costs and benefits of getting divorced at this point.   How it will affect you will depend on the specifics of your situation, as well as the other factor referenced above.

 

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

Follow Me on Twitter:  @bklawr

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 10 years ago | Contributor

This is something you're going to need to discuss with an attorney in your area because it is going to depend in part on the laws of the state you're in (i.e. whether it is a community property/community debt state or not).   In general, it's a really bad idea to do a Chapter 13 case if you are getting divorced, because it requires both spouse's cooperation for the entire duration of the case, which is at least 36 months and usually 60+.   If you've already filed your case as you indicate, you each need to  independently assess the costs and benefits of getting divorced at this point.   How it will affect you will depend on the specifics of your situation, as well as the other factor referenced above.

 

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

Follow Me on Twitter:  @bklawr


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