Bankruptcy and divorce are two concepts that most people never entertain as they are beginning their adult life. As we step out into the adult world to begin building our life, we never dream that one day we may be facing overwhelming debts that we cannot pay and a failing marriage. Bankruptcy and divorce can crush your dreams, your spirit and life as you know it.
However, bankruptcy and divorce do not need to be the end of your world. While both are emotionally devastating, they can also be a positive step in turning your life around and making a fresh start so that you can rebuild your life. You have the power to stop bankruptcy and divorce from taking control of your life. Instead of viewing both as a negative event, you can use them to make positive changes in your life.
Dealing with Divorce
A divorce can leave you emotionally and financially drained. It is difficult on both spouses and on any children involved. Often, divorce is the end result of many months or even years of arguments and fights over money, jobs, family or other matters.
If you do decide to separate and divorce, you can gain new perspective. You will no longer live in a situation where fighting and arguments are the norm – rather than an occasional occurrence, as they are in most marriages. As you and your spouse work toward ending your marital relationship, you can also work on repairing the damage that has occurred. It may take time; however, a divorce can bring closure to a painful situation so that you can begin to recover and rebuild your life.
Addressing Overwhelming Debt
Bankruptcy is similar to a divorce in that it brings closure and provides a fresh start so that you can begin to rebuild and recover from financial difficulties. When you are faced with overwhelming debt, it is difficult to believe that there is a solution to your financial problems. Many individuals that file for bankruptcy relief do so because they have lost their job, experienced a medical emergency or prolonged illness or they may have lost their spouse through death or divorce. Whatever the reason, bankruptcy offers the same chance to recover emotionally from dealing with the stress that is associated with debt problems. It also offers you an opportunity to take a positive step in solving your financial problem and begin rebuilding your finances for a stronger financial future.
Bankruptcy and Divorce - - What Should You Do?
Bankruptcy and divorce often go hand in hand because divorces are often financially devastating. As both parties face attorney’s fees and costs for the divorce – in addition to separating their belongings and learning to live on one income – they often find that they are unable to pay their bills and living expenses. In these cases, bankruptcy is a tool that can help you recover financially after a divorce.
If you are struggling with debts following a divorce, you can find help and support by contacting a bankruptcy attorney. They will review your financial situation and explain how filing a bankruptcy case can help solve your financial problems so that you can have a fresh start. They will advise you on how a divorce case will impact your bankruptcy case. There are times when it is better for you and your spouse to work together to file a bankruptcy before obtaining a divorce. Other times, the bankruptcy case should follow a divorce action.
Request a free bankruptcy consultation and have your questions about bankruptcy and divorce answered. We’ll help you find a solution that works best for you, whether that is bankruptcy or not.
