Divorce & Bankruptcy in Springfield, MO
Divorce is often a heartbreaking, overwhelming, and complex process. It becomes even more complicated when there are kids, property, and debt involved. For some, the cost of divorce can be devastating financially. For those people, filing for bankruptcy might be a good option to help give them a fresh start. For others that hold a significant amount of joint debt with their former spouse it may or may not be beneficial for both of you to file for bankruptcy.
Schedule a Free Consultation
Our team of experienced bankruptcy attorneys at Reynolds and Gold has helped numerous people throughout Springfield, and Southwest Missouri navigate divorce and bankruptcy. For a free consultation, contact us today. During your initial consultation, we’ll discuss if it makes sense for you to file for bankruptcy and whether you should file before or after your divorce is finalized. We also offer you our advice regarding debt and property settlements to protect your best interests as you file for divorce and bankruptcy.
How does bankruptcy work during a divorce?
Depending on your particular situation, bankruptcy, whether you’re filing Chapter 7 or Chapter 13, may look differently for you compared to some other person. At times, it may be beneficial for you to file for bankruptcy before filing for divorce. Other times, it might make sense to wait to file until after your divorce is finalized. To learn more about how bankruptcy works during a divorce, check out this article.
All that said, there are a few essential things that might determine whether you should file for bankruptcy before or after your divorce:
- Individual income
- The language of your divorce decree
- The details of your marital settlement agreement, and more.