Jupiter Bankruptcy & Divorce Lawyer
Going through a divorce is painful, and can be devastating in every area of your life. In addition to impacting your relationships with others, it can put your financial security in jeopardy. Dealing with outstanding debts from your marriage can prevent you from moving on with your life, while making the adjustment to living on one income often requires radical changes in your budgeting and expenses. At the law firm of Nowack & Olson, PLLC, we provide the compassionate, professional legal guidance you need to help in these situations. With over 40 years of combined legal experience, our Jupiter bankruptcy & divorce lawyers can protect you at a vulnerable time in your life, while offering solutions to regain your financial footing.
How Bankruptcy Can Benefit You in Your Divorce Case
Even in the most simple and amicable of divorce cases, division of marital property, assets, and debts can become an issue. Under the Florida Statutes, any personal property, real estate, and financial accounts acquired, earned, or otherwise accumulated during your marriage will be divided on an equitable, though not necessarily even, basis. This includes all of the debts both you and your spouse incurred.
Rather than carrying joint marital debt into your new life, it is generally preferable to deal with them either before or during your divorce proceedings. In many cases, filing for bankruptcy is the best option. The benefits of filing before your divorce is finalized include the following:
- It can protect you against paying more than your share. Filing for bankruptcy protects you against the likelihood that your former spouse will renege on paying their portion of any debts.
- It can help save property, such as your home, cars, boats, or other vehicles. Under Florida bankruptcy laws, you get a certain amount of personal and homestead exemptions. Having two filers increases this amount.
- It can provide an effective way of dealing with jointly owned businesses. Filing for bankruptcy can eliminate the need for complex valuations while eliminating business debts, allowing you to move on to separate ventures.
- It keeps filing costs low. Filing bankruptcy on your own further down the road will increase your individual expenses.
Let Our Jupiter Bankruptcy Lawyers Guide You Through Your Options
At the law firm of Nowack & Olson, PLLC, we will work with you to carefully review the circumstances surrounding your divorce to determine whether bankruptcy is the best solution in your particular case. Depending on the situation and your future financial goals, we can guide you through the options available in the Florida Bankruptcy Courts:
- Chapter 7 Bankruptcy: This can help eliminate credit card balances and other unsecured debts;
- Chapter 13 Bankruptcy: This allows you to eliminate unsecured debts while restructuring your mortgage or other secured debts.
- Chapter 11 Bankruptcy, This can be used in eliminating business debts, giving you a clean slate for starting over.
To discuss your case and how bankruptcy may benefit you in your divorce, call or contact our Jupiter bankruptcy and divorce lawyers online and request a free consultation today.