Mississippi Divorce Attorney Talks about Bankruptcy and Divorce

It should come as no surprise to you that post-divorce bankruptcies are common. It is not difficult to imagine how two people who were able to get by financially when they were sharing living quarters, food costs, and other expenses could run into difficulty staying afloat financially when each of them establishes their own, single-adult household. Couples with children are likely to experience even more financial strain as they attempt to set up two homes where the children can eat, sleep, play, learn, and otherwise feel as if they are at home.

When financial resources are stretched too thin, bankruptcy may be a likely result. Fortunately, if a couple recognizes ahead of time that their divorce is likely to push either of both of them into a financially unsustainable situation, they may be able to make a strategic move that will leave both of them with more money in their pockets. The strategic move that a couple may decide to make is going through bankruptcy while they are still married, and then filing for and completing their divorce.

Sometimes, couples who are thinking of divorcing have a great deal of trouble discussing financial matters. If this is the case in your relationship, it may still be worth attempting to explore the idea because a bankruptcy involving a married couple often leaves the couple with more of their assets and property than two separate divorces by single people would because of the way that the bankruptcy property exemptions are structured. Also, if financial difficulties are a major cause of the problems in your marriage, going through bankruptcy together may decrease your financial stress and improve communications between the two of you to a point where the relationship is able to flourish again.

Whether you and your spouse eventually divorce or not, your joint bankruptcy prior to your divorce would put you in a position where there are fewer debts to be allocated as part of the property distribution than there would be if you did not go through bankruptcy. It is also important to note that if you are assigned responsibility for a debt in a property distribution, some of those debts may not be dischargeable in a post-divorce bankruptcy.

If you and your spouse are concerned about the financial impact of your divorce, it is a good idea to explore whether filing for bankruptcy before filing for divorce may be advantageous. Whether you go through a pre-divorce bankruptcy or not, when you do file for divorce in Mississippi, it is best to do so with an experienced Mississippi Divorce Attorney by your side. Your Mississippi Divorce Attorney can help you understand the financial implications of various choices that you may be able to make in your divorce so that you can resolve your divorce in a way that works for you. To find out how Mississippi Divorce Attorney Matthew S. Poole can help you with your Mississippi divorce, please call our office today, at (601) 573-7429 to schedule a free consultation.

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Mississippi Divorce Attorney Talks about Bankruptcy and Divorce
Mississippi Divorce Attorney discusses bankruptcy and divorce and the implications thereof.