When Debt Relief Guidance is Doubly Important
In today's economic environment, many marriages have been stressed to the breaking point by overwhelming debt and mortgage payments on houses that are "under water." In fact, financial concerns are historically one of the leading causes or contributing factors in divorce.
On the other hand, when an individual assumes substantial debt in a divorce settlement, he or she may find they have little option but to file for bankruptcy, especially if there is a change in employment such as a layoff.
In short, the financial stresses that cause divorce can also cause bankruptcy. In these complex, emotionally charged situations, it is very important to have honest answers, reliable information and experienced guidance.
At Clark Law Offices in Phoenix and Mesa, our attorneys are here to help clients through difficult times. We often work with individuals and couples who are facing both divorce and bankruptcy in Arizona. We can offer sound guidance at every stage of the process to help clients avoid potentially serious mistakes.
Under the new bankruptcy laws, if you agree to accept responsibility for a marital debt in a divorce decree, that debt may not be dischargeable in divorce. Divorce may also affect your ability to qualify for bankruptcy under Chapter 7 or Chapter 13. This may mean that the best course of action is to file for bankruptcy before divorce. That way, you can eliminate or minimize conflict over which party will be saddled with the marital debt.
Like divorce, bankruptcy is about starting over. We want to help you start over with a clean slate, not saddled by overwhelming debt. Contact our offices today for a free consultation with an experienced Arizona bankruptcy lawyer.
We help people throughout the entire state of Arizona with offices in Phoenix, Mesa and Glendale.
