Divorce and Bankruptcy Information Tulsa Oklahoma

About Bankruptcy and Divorce

You probably know at least one person who has filed for bankruptcy in Oklahoma shortly after they were divorced. Post-divorce bankruptcies are common, and for good reason. It costs more to live by yourself than it does to live with someone else, so when a person who had previously shared expenses with a spouse tries to stretch their income to pay for a place to live, utilities, groceries, and everything else that they need, their finances can quickly become stretched to the breaking point.

Divorce and Bankruptcy Information

An interesting thing happens, though, if the events of divorce and bankruptcy switch places in time. When a couple who are considering divorce and who are having financial difficulty file for bankruptcy before they part ways, they get more out of their bankruptcy than they would if they filed separately after their divorce. If you and your spouse are thinking about divorce, you may want to talk about whether filing for bankruptcy first might be beneficial for both of you. Even if the two of you do not agree about much of anything, you may be able to agree that you both want to get as much out of your divorce as you possibly can, and that a bankruptcy could help you to accomplish that.

Reasons To File Bankruptcy Before Divorce

One good reason to file for bankruptcy before filing for divorce is that often, one or both parties in a troubled marriage wonder whether the marriage might be able to be salvaged. Financial problems create a great deal of tension between spouses, and are blamed for many divorces. Filing for bankruptcy together provides an opportunity to relieve the stress that you are experiencing due to financial problems. It also provides a unique opportunity to practice relationship skills like working together and communicating openly and honestly. If you and your spouse would like to try one last time to work things out, working through a bankruptcy as a team could give both your relationship and your finances a fresh start.

If you are certain that you want to file for divorce, you and your spouse may still want to file for bankruptcy while you are still married. If you are able to discharge some of your debts during the bankruptcy proceedings, there will be fewer joint debts to be allocated as part of the property settlement in your divorce. Also, debts that are ordered to be paid by one spouse as part of a property settlement in a divorce may not be dischargeable in a post-divorce bankruptcy.

Another good reason to file for bankruptcy prior to your divorce is that you will likely end up with more property to divide amongst yourselves during your divorce. The bankruptcy exemptions sometimes allow for more property to be exempted by a married couple than they would allow to be exempted by two single people filing for bankruptcy separately.

If you and your spouse are headed towards divorce and you are having financial troubles, a pre-divorce bankruptcy could enable both of you to be in a better financial position even after your divorce. If you are undecided about whether to file for divorce, going through a bankruptcy together can help you to work through issues that affect both your marriage and your finances. To learn more about how divorce and bankruptcy affect each other, schedule a consultation with a knowledgeable Tulsa Oklahoma Bankruptcy Attorney. We offer a free initial consultation where we can answer your questions, evaluate your needs and explain your options.  We invite you to contact us at South Tulsa Bankruptcy Office at (918) 739-8984 or fill out our online form today!

Divorce and Bankruptcy Information Tulsa Oklahoma

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