How To File For Bankruptcy After Divorce
There’s almost no more devastating personal financial calamity than divorce, particularly one where the parties are intent on creating financial pain for one another. Often the party that controlled many of the mutual assets before the divorce is left with much less to work with after a nasty divorce. More and more commonly this is creating a financial situation where bankruptcy is a very viable financial option to work through a new and significantly diminished financial future.
One of the most common results of a divorce is where one party wants to continue to keep and maintain the family home but outside the marriage doesn’t have the financial ability to do this considering all other debts and etc. This can lead to a foreclosure on the family home. An excellent choice to stop the foreclosure and restructure the finances is a personal chapter 13 bankruptcy. It stops aggressive and fast action by the mortgage holders to foreclose.
Any aftermath of a divorce where the financial picture has been significantly changed for the worst is prime for a Chapter 13. Particularly where one of parties wants to continue to try and hold on to former assets that is now hard to afford.
There’s also at times a need for chapter 7 bankruptcy after a divorce when one of the parties still has all the credit card debt or medical debt and finds their financial circumstances changed. Their goal may be to discharge this debt and since they may no longer own a home. A Chapter 7 is a very effective tool. To get legal help on bankruptcy, connect now with our largest network of bankruptcy attorneys in all states of USA.
