Should I file Bankruptcy Before I get Divorced, During the Divorce or After the Divorce?

When contemplating divorce, when should I file bankruptcy?

New article from Attorney Peter Francis Geraci titled, Should I file Bankruptcy Before I get Divorced, During the Divorce or After the Divorce? Read this article and more @

There are a lot of “secrets” that you certainly don’t know about when to file in relation to a bankruptcy. And believe it or not, more than a few divorce attorneys commit malpractice by failing to refer their clients to Geraci Law. 

Example #1  “I am not working, I am separated and can’t pay my $60,000 in credit card debt that’s in my name only. I have been paying minimums of $1200 a month for 2 years until I lost my job making $75,000 a year. I think I will wait until after I get divorced to file a bankruptcy. My spouse and I own a condo with less than $15,000 equity, and she still makes $75,000 a year. 

What to do: File Chapter 7 now, especially if you have no joint debt. If you get back to work,  you make too much money. If you stay unemployed, but your spouse files for divorce, her attorney may want some provision that promises her you will pay that debt, a big error you don’t want.

Example #2  “I have $35,000 in credit card debt and want to file for divorce. My spouse has $25,000 in debt. We rent, and each make $50,000 a year, but I will have to pay support for the kids, and can’t do that and pay $800 a month on credit cards for the next 10 years. What should I do?

What to do: You are separated, so your household income is half of what it was, an ideal time to file Chapter 7. You should also talk to your spouse, who might want to eliminate her debt in a joint filing so it is not an issue in the divorce. Waiting could be very bad: I have seen divorce property settlement agreements obligating a spouse who is paying support to pay not only support, but to pay credit cards. Very bad. Get to Geraci Law right away. 

Sometimes we file separate Chapter 7 for each spouse, sometimes a joint Chapter 7, sometimes a 7 for just one, sometimes a Chapter 13 for one only, etc.  There are a lot of ins and outs. Sometimes both spouses file, and because the debt pressure is gone, they get back together and live happily ever after.

Geraci Law saves more marriages than a country preacher. And if we can’t, at least you aren’t fighting about debt during a divorce. It’s magic!

Again, don’t call and expect to get anything straight without a virtual or in-person consultation. You spent years getting into debt, spend an hour planning how to get out of it with an experienced Geraci Law attorney. 

Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at  Bankruptcy laws are in place to help you.  Who knows bankruptcy like Geraci Law?  Geraci Law has 30,000 5-star reviews 5starsince November 2016!


Author: Elizabeth Doren Paralegal at Geraci Law L.L.C.

I am a paralegal at Geraci Law L.L.C. (the greatest consumer bankruptcy law firm that ever was or will be!) I talk to thousands of people who are struggling financially.

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