What are the main reasons people give for why they filed for bankruptcy? Our experience handing Michigan Bankruptcy cases tells us that while there are several reasons to file bankruptcy, the most common reasons are:
• Death of a spouse
• Medical bills
• Loss of employment
Many people experiencing divorce or spousal separation are faced with the fact that their family income has decreased, and in many cases, this is more than a 50% decrease. So, when your family income was $90,000 per year, the divorce/separation has reduced your family income to $35,000. Couples experiencing divorce/separation ask: “How can I possibly afford the same lifestyle my family had just months ago?”
Going through a divorce or separation, many people find themselves in a financial crisis. When once your family could afford the mortgage and family debt, ending your marriage may force you to face the fact that you cannot possibly pay the family bills without your spouse’s income.
If you are in this situation, you may have many specific questions, such as:
“What should I do? I am getting divorced/separated and without my husband/wife’s income, I cannot afford the mortgage and credit card payments.”
“My husband/wife has moved out and he or she refuses to make the mortgage or credit card payments. What do I do?”
“What do I do when my ex-husband/ex-wife does not continue paying the mortgage or credit cards as required in our Judgment of Divorce?”
“My husband/wife is living in the house while we are going through the divorce, but he or she has not paid the utility bills, nor the property tax, and not even the mortgage. What is going to happen to our house?”
First, you should know that debt relief options and divorce may impact each other. Next, you should know that without expert legal advice, this impact could critically affect both your divorce and your debt relief.
Whether you choose to handle your family’s debt before or after (or even during) a divorce, you should consult with an experienced attorney practicing in both family law and bankruptcy law. The skilled attorneys at The Kronzek Firm will expertly lead you through the impact that ending your marriage can have on your debt, and identify a debt relief process that is best for you. We can also determine whether you qualify for bankruptcy relief under the U.S. Bankruptcy Code’s Chapter 7, Chapter 11, Chapter 12, or Chapter 13. Our attorneys will guide you through a debt relief bankruptcy process.
The expert attorneys of The Kronzek Firm can give you the information you need. Whether you have filed for divorce, or are already divorced, our expert bankruptcy attorneys and debt settlement negotiators can help. Call The Kronzek Firm at 866 766 5245 to begin your debt relief process today.