How Will Bankruptcy Affect Your Divorce?
Many couples filing for divorce confront the reality of handling their marital debt in their final settlement or court judgment. In the eyes of the court, debt is like every other piece of marital community property — it is subject to equitable distribution between the parties. Filing for divorce won't eliminate your debt or pass it on to your ex-spouse.
If you are considering filing for divorce, but realize that your debts will be a significant burden after the settlement, it may be a good idea to talk to an experienced Florida bankruptcy attorney at The Golden Law Group first. Often, having your debts discharged through Chapter 7 bankruptcy will eliminate the burden of debt after your final settlement. While still married, you may even file for joint bankruptcy.
How Long Will the Bankruptcy Process Take?
Generally, you will be looking at a time frame of six or seven months for your bankruptcy to run its full course. During the process, no other court proceedings may continue. However, all legal legwork between the parties' divorce lawyers may proceed. When your bankruptcy judgment comes down from the court, you will be able to proceed with your divorce with no delays.
What About Child Support and Alimony Debts?
Under Florida and federal law, you cannot include arrears and debt resulting from any kind of court-ordered domestic support in your petition for discharge of debt in bankruptcy.
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What questions do you have about bankruptcy and your divorce? Contact an experienced debt relief lawyer at The Golden Law Group to schedule a free initial consultation. Offices are conveniently located in Brandon, Tampa and Bradenton, Florida. The firm represents clients in communities throughout Manatee County, Hillsborough County and Saratoga County, Florida.