You probably know at least one person who has filed for bankruptcy in Oklahoma shortly after their divorce. Post-divorce bankruptcies are common, and for good reason. It costs more to live by yourself than it does to live with someone else. Given this fact when people divorce so goes the second income. Also, regardless of dual incomes you now have two sets of bills. The loss of an income and the increased expenses can put you over the financial edge.

Divorce and Bankruptcy Information:

An interesting thing happens, though, if the events of divorce and bankruptcy switch places in time. When a couple is considering divorce because of financial problems bankruptcy may have helped. Also, if either way the divorce is going to happen consider the options. By filing first you can both file together. This saves you money because once divorced you have to file separately. This means you pay twice instead of once. Even if the two of you don’t agree on anything, you may agree that filing before divorce benefits you both.

Bankruptcy Before Divorce:

A good reason to file bankruptcy before a divorce is that it sometimes resolves the financial stress which caused the divorce. Financial problems create a great deal of tension between spouses.  Thus, they are the cause for many divorces. Filing bankruptcy together provides an opportunity to relieve the stress that you are experiencing due to financial problems. It also provides a unique opportunity to practice relationship skills like working together and communicating openly and honestly. If you and your spouse would like to try one last time to work things out, working through a bankruptcy as a team could give both your relationship and your finances a fresh start.

However, if you are certain that you want to file for divorce, you and your spouse may still want to file for bankruptcy beforehand. If you are able to discharge some of your debts during the bankruptcy proceedings, there will be fewer joint debts to be allocated as part of the property settlement in your divorce. Also, debts that are ordered to be paid by one spouse as part of a property settlement in a divorce may not be dischargeable in a post-divorce bankruptcy.

Another good reason to file for bankruptcy prior to divorce is that the bankruptcy exemptions favor married couples. Bankruptcy exemptions sometimes allow for more property exemptions by a married couple than by two single people filing.

Divorce And Bankruptcy Attorneys:

If you and your spouse are contemplating divorce and in financial troubles we can help. A pre-divorce bankruptcy might enable both of you to be in a better financial position even after your divorce. If you are undecided about whether to file divorce, going through a bankruptcy together can help you to work through issues that affect both your marriage and your finances. To learn more about how divorce and bankruptcy affect each other, schedule a consultation with a knowledgeable Tulsa Oklahoma Bankruptcy Attorney. We offer a free initial consultation where we can answer your questions, evaluate your needs and explain your options.  We invite you to contact us at South Tulsa Bankruptcy Office. Call (918) 739-8984 or fill out our online form today!