No one wants to go through the complicated process of filing for divorce and bankruptcy simultaneously, but unfortunately, it’s an issue many face. Divorce can be a particularly stressful experience, with emotions running high as spouses struggle to divide shared assets and liabilities between them. Adding on the further stress involved in filing for bankruptcy can make things even more difficult. Not only will there be legal matters to deal with, but the individual may also be dealing with significant financial uncertainty due to accumulated debt.
Though daunting, the good news is there are ways of managing this double-duty task that won’t overwhelm you. With proper preparation, divorcing parties facing such circumstances can successfully manage their way through divorce and bankruptcy while ensuring their rights remain fully protected.
Preparation is Key
Dealing with both divorce and bankruptcy simultaneously is complex, but there are several steps you can take to help ensure you have the best chance of getting through it.
First, it is beneficial to establish a budget and stick to it as closely as possible when dealing with divorce and bankruptcy. Make sure your spending aligns with your income so that you don’t get into any more financial trouble during this time. It may also be beneficial to create a general plan of action for how you intend to handle the proceedings of both processes. This could include which lawyer or accountant you plan on hiring, what assets or debts will need to be dealt with first, etc.
Creating a timeline is also beneficial when dealing with both processes simultaneously. Understanding what needs to be done and when is key when trying to keep on top of all that needs to be handled at once. You should also communicate effectively with everyone involved — your lawyer, accountant, spouse, etc. — so everyone knows what is going on and can offer advice or solutions if needed.
Finally, remember that there is no “one size fits all” approach when dealing with these complex situations. That’s why Licata Bankruptcy Firm is here to help during the divorce and bankruptcy process. Our experienced bankruptcy attorneys understand the complications of filing for divorce and bankruptcy. Let our team be there for you during this challenging time. Contact our bankruptcy lawyers online or by phone to get started. (417) 213-5006