Divorce. It’s devastating on so many levels. Here at Bailyn Law, we focus on the impact of debt as it relates to divorce.

Divorce used to be fairly straightforward: the house could be sold, assets divided, and debt incurred during the marriage could be paid off in short order. We are in different times now, however. In many if not most cases, there are few assets to divide and no significant home equity. Our attorneys can work with couples who are planning to divorce in filing a joint bankruptcy petition, in which these debts can be dealt with before the divorce commences. This can ease the financial stress and make it easier for the two parties to move on with their lives, having made a fresh start.

Bankruptcy can also provide relief to one party after a divorce. Although obligations such as alimony and child support cannot be discharged in a bankruptcy proceeding, other debts owed to a former spouse may be eligible. And if you emerge from a divorce owing a significant amount of consumer or other debt, bankruptcy may be the best option to get your own finances back on track.

If divorce is touching your life and you’d like to find out how bankruptcy might be a possible solution to the financial strain, please call us for a consultation.