The unfortunate truth is that, for couples struggling with financial problems, bankruptcy and divorce often go hand in hand. In fact financial difficulties are one of the leading causes of marital problems and divorce in Oklahoma today. And if you are having a hard time paying your bills now, just imagine what it will be like once you get a divorce. Your household income will decrease significantly when your spouse leaves, and you’ll also be forced to cover all monthly living expenses on your income alone. If you and your spouse are considering filing for divorce, and you want to know the pros and cons of filing bankruptcy together now or individually after, consult our knowledgeable bankruptcy attorneys at Oklahoma Legal Center today. With our lawyers on your side, you can make the right bankruptcy choice and feel confident that your legal rights are protected throughout the process.
How Debt is Distributed Following a Divorce
Many people incorrectly assume that, once they get a divorce, they won’t be responsible for all of the marital debt. Unfortunately, if you and your spouse acquired joint debt during your marriage – such as a car loan, home loan or credit card debt – both of you will be legally responsible for the debt, even after a divorce. In fact, even though the divorce decree will divide your marital debts between the two of you, this agreement is only between you and your spouse; it doesn’t prevent creditors from attempting to collect the full amount of the debt from either one of you. Under these circumstances, if your spouse doesn’t pay his or her share of the debt following a divorce, or if he or she files for bankruptcy after the divorce, the creditors will likely come after you for the payment. If you are unable to pay back these debts, you may be forced to file for bankruptcy yourself, or end up being sued or having your paycheck garnished.
Contact Our Bankruptcy Lawyers Today
In light of these issues, it often makes more sense for couples to consider filing bankruptcy together before filing for divorce, or filing for divorce and then filing individual bankruptcy cases afterward. Whichever option you think works best for your financial situation, it’s always best to speak to a qualified bankruptcy attorney prior to making any final decisions. Here at Oklahoma Legal Center, our attorneys understand how confusing and frustrating it can be to file for bankruptcy, particularly in the middle of divorce proceedings. If you are considering filing for bankruptcy in Oklahoma, contact our reputable lawyers at Oklahoma Legal Center for legal help. Our law firm is located in Oklahoma City, and our attorneys have years of experience protecting the legal rights of individuals filing for bankruptcy throughout the state.