Would it be beneficial to file bankruptcy then divorce or divorce then bankruptcy?

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Would it be beneficial to file bankruptcy then divorce or divorce then bankruptcy?

Me and my soon to be ex husband are in a controversial issue on which we should do first bankruptcy or divorce. I would like to have financial help but I really would like to get the divorce done so I can move on with my life.

Asked on April 12, 2012 under Bankruptcy Law, Ohio

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

It all depends on what you both want to get out of it and whether issues of major assets will be a problem. Do you care if you lose the house? Is one of you planning on reaffirming the debt post bankruptcy? Do you know that support payments for children will be excluded from bankruptcy. You should independently seek the advice of counsel togive you the better approach.

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Given the fact that the debts that you and your soon to be ex husband would be subject to a bankruptcy petition where the assets and liabilities of such would have to be split in a marital dissolution in the end, I suggest filing for the bankruptcy petition first and then the marital dissolution.

I would conclude the bankruptcy first with a discharge and then conclude your marital dissolution and assets/liability division last. That would be the best use of attorney resources for you and should minimize the costs for both proceedings.


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