Should my wife and I go through foreclosure/bankrupcy first, then get a divorce or get a divorce then deal with financial ramifications?

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Should my wife and I go through foreclosure/bankrupcy first, then get a divorce or get a divorce then deal with financial ramifications?

We agree to split everything (assets/liabiitities) 50/50 and no children or alimony will be involved.

Asked on March 3, 2011 under Bankruptcy Law, Florida

Answers:

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

Answered 10 years ago | Contributor

This is something you each need to consult with a bankruptcy attorney in your area on as there are a multitude of issues here that need to be discussed and will depend on the specifics of your situation as well as the laws in the state of Florida, assuming that's where your case is filed.  There can be benefits to filing jointly in bankruptcy prior to getting a divorce, but depending on what assets you have and what chapter you're eligible for, as well as other considerations, it may also be better to get divorced first and then file separate bankruptcies.

 

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

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

Answered 10 years ago | Contributor

This is something you each need to consult with a bankruptcy attorney in your area on as there are a multitude of issues here that need to be discussed and will depend on the specifics of your situation as well as the laws in the state of Florida, assuming that's where your case is filed.  There can be benefits to filing jointly in bankruptcy prior to getting a divorce, but depending on what assets you have and what chapter you're eligible for, as well as other considerations, it may also be better to get divorced first and then file separate bankruptcies.

 

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/


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