Bankruptcy Lawyer Fort Worth, TX
If you’re separating or divorcing and thinking about also filing for bankruptcy, it is important to speak with an experienced bankruptcy lawyer Fort Worth, TX residents trust – and to do so as soon as you can. When it comes to divorce or separation and bankruptcy, timing matters. Depending on your unique circumstances, you may be best served by filing for bankruptcy before you file for divorce or separation, during your divorce or separation, or after your divorce or legal separation is finalized. Our experienced Fort Worth, TX bankruptcy lawyer team will be able to provide you with personalized guidance once we learn more about the details of your situation.
Bankruptcy and Divorce – Considerations
Most of the time, if a couple is legally separating or divorcing, they are required to split their marital property and assets equitably. Generally speaking, marital property is any personal property, real property, or assets obtained during the marriage that aren’t legally the sole property of one spouse or the other. For example, if one spouse (and one spouse only) inherits property from a loved one while they’re married, they’re likely not required to treat their inheritance as marital property as that asset was intended to be passed to the beneficiary spouse alone. However, if a couple buys a home together during the marriage, even if only one spouse’s name is on the title, the court will likely treat that house as marital property because the purchase was intended to benefit both spouses equally.
Why does this matter in terms of bankruptcy? If you file for Chapter 7 bankruptcy, your non-exempt property can be sold by your case trustee to pay back your creditors. Placing marital property in a position to be sold before you’ve reached a property division agreement can land you in serious legal trouble. Similarly, filing for Chapter 13 bankruptcy before or during a divorce process is finalized gets very tricky, as the repayment period lasts 3-5 years. It isn’t impossible to file for Chapter 13 bankruptcy successfully before you finalize your divorce, but you’ll want to see legal guidance about the nuances of doing so legally and in a way that isn’t overly complex.
Legal Assistance Is Available
If you are thinking about legally separating or divorcing your spouse, you’re navigating a particularly challenging season of life. Adding bankruptcy to the mix may be good sense financially-speaking, but it may also be understandably more stressful than you can manage alone. Thankfully, you don’t have to. The experienced Texas legal team at The Allmand Law Firm, PLLC is here to help protect your interests and assist you in moving forward. Once we learn more about where you are in the separation or divorce process and we learn more about your finances, we can advise you in regard to timing your bankruptcy process, your bankruptcy options, and debt management options generally. Consultations are confidential and risk-free. You have nothing to lose and potentially much to gain by consulting with our Fort Worth, TX bankruptcy lawyer team; please call today – we look forward to speaking with you.