Bankruptcy and Divorce. Which Comes First?

File for Bankruptcy First.

If you and your spouse are on good terms, then consider a bankruptcy before the divorce.

By filing jointly, all debts will be addressed under one bankruptcy case. You can wipe out your joint debts together and may also be able to increase your exemption amounts.

This is also helpful if one spouse makes all the money because it will increase the chance of qualifying for a Chapter 7 for that spouse.

Bankruptcy will also eliminate contracts that neither one of you wants, like car loans that cost too much or mortgages on houses that are completely underwater.

If you qualify for a Chapter 7 bankruptcy, then you should finish in about 90 days. Therefore, you and your spouse can eliminate unsecured debt which takes away the fight over debt.

Call me for a free consultation at (215) 551 7109.
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