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How to balance bankruptcy with divorce

For many couples in Ohio, financial challenges can create or add to marital strife. Problems with money can even at times contribute to an irreconcilable breakdown of a marriage. If you and your spouse are in this situation where you have decided to get divorced but still need to figure out how to deal with your debt, you may even be considering bankruptcy. Before you rush into filing for bankruptcy or divorce, however, it is important to assess the timing of each of these things.

As explained by My Horizon Today, the type of bankruptcy plan that might be right for you may depend in part on the nature of your relationship with your spouse. Even if you have chosen to end your marriage, the two of you may be able to work collaboratively together on a bankruptcy. If, however, this is not possible, your options for bankruptcy may change.

A Chapter 13 bankruptcy may allow you to avoid foreclosure or the seizure of your home during a Chapter 7 bankruptcy. However, it may force you and your partner to be financially connected for at least three years. Also important to understand is what responsibilities each of you may be left with after your divorce is final. If any debts are assigned to you as part of a divorce decree, they may not be able to be discharged via bankruptcy later. 

If you would like to learn more about how to balance a potential bankruptcy while also embarking on a divorce, please feel free to visit the debt relief and marital dissolution page of our Ohio bankruptcy website.

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