Suppose you’ve sacrificed your career to be a homemaker during your marriage; divorce can leave you feeling uncertain about your financial future. Since you’ve been out of the job market for an extended period, it may take time before you can find a steady source of income.
Filing for bankruptcy might be a viable option in your challenging financial predicament. Through bankruptcy, you can buy yourself time to put your finances in order as you transition to the next phase of your life. Exploring the steps you can follow can help to ensure that you meet necessary criteria for filing.
Assess your financial situation
One of the most important steps when considering bankruptcy is meticulously evaluating your financial standing. The extent of your debts and assets may have drastically changed after your divorce. You want to try to make sure that you’re aware of all your liabilities, such as credit card debt.
Don’t forget to take note of any child support and alimony payments you may receive from your ex. Remember, these are exempt from bankruptcy; you don’t have to forego them after filing. An experienced legal team can help ensure you document them correctly when filing for debt relief.
You should also remember that any joint debts you have with your ex will be treated differently. Bankruptcy will not discharge your ex-spouse’s responsibility for the debt. Therefore, you might want to discuss these liabilities with your ex-spouse to avoid future disputes.
Credit counseling
Completing a credit counseling course before filing for debt relief can educate you on your credit health. Make sure that you take your course from an approved agency to receive accurate information before proceeding with filing. Once you complete the course, you should receive a certificate that indicates you’re ready to file.
Filing a bankruptcy petition
When you’re ready, you can initiate the debt relief process with a petition to the bankruptcy court. Seeking legal support can help ensure you submit pertinent forms that shed light on your financial status. If you were a homemaker during your marriage, accurately reporting any income changes, such as alimony, is important.
Filing for bankruptcy post-divorce is a significant decision that can offer you a fresh start if you were a homemaker during your marriage. By understanding the bankruptcy process, assessing your financial situation and seeking appropriate legal support, you can work towards rebuilding your financial stability.