The Pros of Filing Bankruptcy before Divorce

When a married couple is headed toward divorce, it is often because of financial woes. After the divorce is granted, each spouse is given a share of the debts incurred during marriage. Since assets were also divided, each spouse may have a tough time paying these debts, causing one of both to declare bankruptcy. If bankruptcy looks like a possibility for both spouses after the divorce, filing a joint bankruptcy before the divorce may be in both spouses’ best interests.

If you are headed for a divorce and think bankruptcy could be in your future, contact the Austin divorce lawyers of Slater, Kennon & Pugh Ltd.LLP at 512-472-2431 for more information about how we may be able to help you.

Why File before Divorce?

Often times, both spouses find themselves overwhelmed with debt after a divorce has occurred. To avoid filing two bankruptcy cases, it is a good idea to file one case before getting divorced. Some of the benefits include:

• Easier division of debt after the divorce
• Paying for one filing together instead of two separately
• Easier division of property after the divorce

While divorce is a tough time for both you and your spouse, filing bankruptcy together can help the divorce proceedings go smoother. Of course, your spouse may be unwilling to file a joint bankruptcy, in which case you will have to deal with your debts after the divorce is finalized.

Contact Us

Divorce is a tough time, and bankruptcy brings further difficulty. If you are thinking about getting a divorce but will have a massive debt after, contact the Austin divorce lawyers of Slater, Kennon & Pugh Ltd.LLP at 512-472-2431 to learn more about filing bankruptcy before you file for divorce.