Studies have shown that arguments over money play a major role in why couples divorce. The stress of not being able to make ends meet can be overwhelming. Even happily married couples begin to feel the strain when a job is lost, medical bills accumulate or other financial troubles occur. Under these circumstances, accusations and blame can lead to fighting that eventually leads to divorce.
If your marriage is feeling the negative affects of financial troubles, you should consider filing bankruptcy. Most married couples hold their debts jointly, which means both spouses are liable to pay them. This includes the mortgage, vehicle loans, credit card bills and a variety of other debts. A bankruptcy lawyer can review your financial situation and help you understand how a Chapter 7 or Chapter 13 can benefit you. Of course, filing a bankruptcy requires you and your spouse to be able to work together to obtain the debt relief you need. Thus, the sooner you seek help, the more likely this will happen.
Filing bankruptcy with your spouse is beneficial in helping you get out from under your debt. Most couples can discharge most, if not all, of their unsecured debt. Additionally, you may be able to decrease the amount of your secured debt. Lastly, by filing together, you will save legal costs by using the same attorney and having only one filing fee.
The above advantages can help save your marriage. Once you have obtained your fresh financial start, your family can move forward without the burden of debt. If you determine divorce is still necessary, the bankruptcy can make it a more streamlined process because the debt to be divided will be minimal.
If your marriage is suffering under the strain of debt, let us help you determine if bankruptcy can benefit your family. We can answer your question when you schedule a free consultation.