Law Offices of Loomis & Greene

Filing for a divorce is not an easy process. Neither is filing for bankruptcy. So what happens when you are dealing with both of these situations simultaneously? Although, it seems unlikely you would be going through a divorce and bankruptcy at the same time, it does happen. If you are currently in this situation you may be wondering what steps you should take in order to spend the least amount of money. Below are just a few things you should consider.

    1. When You Should File What

      Filing for bankruptcy before or after your divorce can make a big difference in the financial stability of both spouses. It is important to note that regardless of whether you are finally a jointly or individually that the fees are the same. However, paying expensive court costs can be a good way to save money. Also, if you file for bankruptcy together your divorce costs may be less in the long run.

    2. The Type of Bankruptcy Matters

      Your marital status does matter when it comes to which chapter of bankruptcy you are filing. Having too high of a joint income maybe make you ineligible for certain type of filings, meaning you will likely have to divorce first

    3. Married Household vs. Single Household and Bankruptcy

      It is important to find out if the state you live in will allow you to double your exemptions as spouses filing bankruptcy. If not, getting divorced prior to filing bankruptcy may be the better option. Filing together can, however, be advantageous. Less time will likely be spent in court than if you were to file separately and you will be able to split up debts like shared credit card debt, for example.

Testimonials

Thankful for the mentoring and guidance

Kurtis, I wanted to send you a quick note to thank you for your mentoring and guidance today. Your professionalism and kindness eases a little of the pain and embarrassment during these hard times. I …Read More

B. Rucker

Very satisfied, was a wonderful experience

I would like to sincerely say thank you for representing us through this difficult time in our lives with our bankruptcy. Today we had the opportunity to sit through seven cases before our own. Had we…Read More

Clinton V.

Saved my parents’ home, Mr. Loomis is a godsend

My elderly parents had to file bankruptcy. We asked around for a recommendation and Mr. Loomis was the only name we heard. It was very difficult for my parents to deal with this situation they were af…Read More

Pat R.

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