Do you want to get divorced from your spouse, but currently the two of you can't even afford to get caught up on your mortgage? If so, you'll want to see if you can file for bankruptcy, before you go through with the divorce, and if this is going to make life easier. If the two of you can mediate your divorce after the bankruptcy, things will be even better.
There are many financial and personal benefits with filing for bankruptcy before divorce, even if filing goes on your credit report. Meet with a divorce attorney, and talk with them about the following things.
Benefits of Bankruptcy
If you are in debt and can't pay your bills, filing for bankruptcy can help to stop the foreclosure from happening, stop the harassment, and you can get the bills managed before you are out on your own. The bankruptcy allows both of you to walk away from the marriage when you do divorce without the debts of your past relationship, which can strain your future. The lawyer can look at your current financial situation and decide if it's worth applying, and if you'll be eligible.
Risks of Not Filing
There are many risks of not filing for bankruptcy before you divorce. You could get awarded a large amount of the debt in the divorce if you make more than your spouse, and you are still responsible for all of the debt because your names are on the accounts. If your spouse never pays the debts they were assigned, it's still going to negatively affect your credit.
Savings in Lawyer Fees
Instead of having two lawyers to pay, fighting over who gets stuck with what debt, what spouse gets to take what assets, and having the lawyers file for bankruptcy after, talk with your lawyer about the potential for mediation after the bankruptcy is completed. This would allow you to use one lawyer for everything, cutting hourly lawyer fees and court costs.
If you and your spouse can't even pay the bills that you already share, it's going to be even more difficult to pay for separate bills and an expensive divorce. Instead of stressing about it, talk with a bankruptcy lawyer, like John D Rouse, to see if the two of you should fill out a bankruptcy application to get that process started and get financial relief, and then you can quickly and peacefully mediate the divorce you want.