Bankruptcy during divorce is normally a hectic period for a couple who have a lot of debt between them. It is therefore advisable to file a petition in court to declare inability to pay debts before the process of separation. This helps out in clearing some of the debts and determining how the rest of the debts can be cleared. Filing a joint petition is not only cheaper, but it is also less hectic for the two people on their way to separation.
Bankruptcy during divorce has effects not only to the couple but also to their property as well. Property that was acquired during the marriage becomes part of the estate and is made available to pay off pending debts. A joint petition allows the couple to file an automatic stay which prevents the creditors from collecting most of the debts. This automatic stay is granted by the court on application by the couple. There are so many questions that arise in the process of separation that the couple should ask their attorneys to deal with before the procedure.
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Bankruptcy during divorce can be made easier by hiring an attorney who will advise accordingly. It is important to get an attorney separate from the family lawyer who is well versed with inability to pay debts. Such an attorney will be able to protect your interest by advising on lifting of the automatic stay. This can be easily acquired in court with no much trouble.
Before a divorce, it is in order for the spouse to check whether the partner has filed a bankruptcy petition. This way, the spouse can be protected by taking up security lien as a backup to any debts that his/her partner is to pay after the divorce.
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