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Divorce and Bankruptcy: Which One Should I File First?

While some divorces may be a mutual, even peaceful, agreements; there are others that can be much more contested, therefore creating a sticky situation in the areas of finances. For the purpose of an example, let’s talk about Sally and John who have figuratively been married for fifteen years and are nearing divorce.

Sally is the one responsible for the mortgage payments on their home, and they come from her own banking account. Her husband John does not contribute at all to the mortgage, however he threatens that if she moves out of the home that he will simply allow the house foreclose because he will be unable to meet the payments on his own.

John and Sally want to divorce, but Sally is concerned as to whether or not the bankruptcy should be filed before the divorce in order to protect herself from the foreclosure and how it would affect her currently bad credit scores due to debt. In this case, Sally is going to want to make decisions based upon how well she can protect herself from liability for the foreclosure, which is why as many financial issues as possible should be solved before the divorce.

However, in the even that Sally desires to protect herself from hurting her already bad credit score, she will need to enlist the help of her current husband, who will also be protected from a worsening credit score as well in the long run.

If you are currently overwhelmed with the pressures of your impending divorce and financial strains, be sure to contact a trusted Long Island divorce attorney at the Meyers Law Group who can point you in the right direction. Every case is unique, which is why receiving the legal counsel from a professional is so important before making any life changing decisions. Contact our firm today to discuss your particular questions!