How Will A Divorce Affect Your Bankruptcy?

Financial struggles are often one of the main reasons for a divorce. For some couples, that could mean a bankruptcy filing is necessary to help each spouse get the fresh start they both need to fully move on with their lives.

At the Law Office of Rich & Rich in Memphis, our attorneys can help you think through all of the important choices surrounding bankruptcy and your divorce. As experienced bankruptcy and family law attorneys, Charles Rich and Ryan Rich can help you find the solution that works best for you and your financial situation.

Finding Solutions Tailored To Your Needs

As family law attorneys, we know that the divorce process can go much more smoothly for couples who work together. The same thing applies in this situation with bankruptcy. We are proven problem solvers who work closely with each client. That means devoting considerable time and resources to finding solutions regarding:

  • Marital debts
  • Determining what will happen to the marital home, including if it is facing foreclosure
  • Protecting retirement assets
  • Protecting the best interests of any children

You cannot discharge child support or alimony payments in bankruptcy. If you owe back child support, however, a Chapter 13 bankruptcy filing could give you time to catch up on those late payments.

There is no one-size-fits-all solution for bankruptcy and divorce. For some couples, it is better if they file for bankruptcy together before going through a divorce. For others, it may be better to each file separately. For still other couples, it may be beneficial to wait until after the divorce is complete to seek bankruptcy protection. We can help you think through all of the important decisions so you can be sure that you are on the right path to financial freedom.

Talk To The Right Lawyers

In these situations, it is essential to talk to lawyers who understand divorce and bankruptcy laws and the effects they will have on your financial situation. To learn more about how we can help, we invite you to schedule a free, confidential consultation at our office in Memphis, Tennessee. You can send us an email or call us at 901-201-6163 or 866-935-6740.