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The Right Way to File For Both Bankruptcy and Divorce

April 26, 2012 | Comments: 0 | Views: 199

One of the main reasons for the high divorce rate is financial difficulties and differences. While most couples have disagreements about money, for many the problems and the blame for them can get out of hand, causing them not only to want to file bankruptcy, but also to divorce each other. After all, these are the common ways that today's couples solve their differences. However, as both partners race to file for bankruptcy and divorce, they will be doing themselves a big disservice. Filing for both at the same time just isn't going to work. Instead, you need to file for bankruptcy and get your financial issues taken care of before going ahead with a divorce.

Filing for divorce at the same time you file for bankruptcy will cause your bankruptcy proceedings to stall. Don't fool yourself that once you file for divorce you won't have any responsibility for your partner's debts. If you file for divorce first, there will be laws that will pop out to bite you. The bankruptcy will be pushed into the background, and creditors will start hounding you day and night as long as it's in limbo.

Filing for a divorce will put limits on the two of you but do not affect those you owe money to. If you have a bankruptcy suit going and your spouse decides to file for divorce before it's over, your creditors will be after you all the while. This could mean that you will be forced to pay your bills to the point where you may end up being completely bankrupt before the bankruptcy can take effect.

The smart way to go is by filing your bankruptcy first and then dividing your assets, paying your own shares of the required debts, and completing the entire process. Who knows what may happen if you do this. After all, if your financial worries were at the heart of your marital problems, now that you've been given a fresh page and a chance to start over, maybe your relationship won't be as tense as it was and you'll find you still love each other.

When you're already having both financial and marital woes, you certainly don't want to do anything that's going to make the situation worse. You need to seriously think about the ramifications of either bankruptcy or divorce, and you should take care of your finances before you even try for a divorce settlement. Even if you think you can't bear being married to this person a moment longer, stop and consider the way your actions are going to impact your children emotionally. Do you want to be left to raise them without adequate financial resources, or could you wait a little longer in order to secure a better future for them?

Discover how to attract your spouse back by understanding the source of your problems instead of dealing with the issues: free marriage advice or here

Source: EzineArticles
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