Can You File for Divorce & Bankruptcy at the Same Time?
Are you in financial jeopardy at the same time that your marriage has run its course? If so, you might be wondering whether it’s possible to pursue a divorce and a bankruptcy at the same time. Here’s what you need to know about these legal processes in Ohio and how they interact with one another.
Filing for Divorce and Bankruptcy at the Same Time in Akron, Ohio: What You Need to Know
Filing for divorce and bankruptcy simultaneously presents certain unique challenges, but doing so is possible. Both legal actions involve different courts, and each process can affect the other. For example, bankruptcy could impact how your property gets divided in a divorce case, and divorce-related income changes could affect your debt repayment plan in a bankruptcy case.
Timing Matters: Should You File for Bankruptcy Before or After Divorce?
By filing for bankruptcy together before the divorce, you and your future ex-spouse could eliminate joint debts and simplify the asset division process. On the other hand, filing after divorce might make sense if one spouse has significant individual debts or wants to handle the bankruptcy process separately. The decision depends on your financial situation and goals.
Pros and Cons of Filing Simultaneously
Filing for divorce and bankruptcy at the same time has both advantages and disadvantages. On the plus side, it allows you to handle financial and personal issues simultaneously, which can save time and reduce stress in the long run. Filing together before a divorce can also eliminate joint debts and simplify property division. On the downside, managing both cases at once can get overwhelming. Each process involves considerable legal issues, so juggling them could complicate and delay your progress in both cases.
Common Questions About Filing Divorce and Bankruptcy in Ohio
If you’re going through both bankruptcy and divorce in Akron, Ohio, you likely have many questions. Here are some straightforward answers to some common questions to help you make informed decisions about your next steps.
Can I file for bankruptcy while my divorce is pending?
Yes, you can file for bankruptcy while your divorce is pending. However, the timing of each case can affect the outcome of the other. Filing for bankruptcy first could simplify debt division during your divorce. On the other hand, filing for divorce first might be better if you prefer to handle financial matters separately in your bankruptcy case.
Will filing for bankruptcy discharge my alimony or child support obligations?
No, bankruptcy will not discharge alimony or child support obligations. These types of debts are priority, meaning you must still pay them even after filing for bankruptcy. Whether you file for Chapter 7 or Chapter 13 bankruptcy, your responsibility for paying child support and alimony remains the same.
What happens to our shared property in bankruptcy?
In a bankruptcy case, the court will look at your shared property and determine what you can include in your bankruptcy estate. If you file for Chapter 7 bankruptcy, the court might order you to sell some of your shared property to pay off debts. In a Chapter 13 case, you might be able to keep more of your property, but you must create a repayment plan to repay your creditors.
Contact Our Akron Bankruptcy Attorneys for a Free Consultation
Facing both divorce and bankruptcy can raise many questions about your future. At Amourgis & Associates, Attorneys at Law, our Akron bankruptcy attorneys understand how these processes overlap and can help you decide the best way forward. Contact us for a free initial consultation so we can review your case and explain your options.
- About the Author
- Latest Posts
At Amourgis & Associates, Attorneys at Law, we only represent consumers. We fight for regular people who have been seriously hurt in accidents. We fight for people who are being crushed by overwhelming debt and need a fresh start. We fight for individuals and families. Never businesses. Never insurance companies. We are loyal to the consumer.
