The cost of living is hitting consumers hard. The cost of groceries has skyrocketed and the price of gasoline, over 50% more expensive than a year ago, is putting families in a real bind. With the upward trend in prices continuing across all matter of goods and services, many consumers who were already struggling are hurtling toward a breaking point.
When individuals and families can no longer make ends meet, bankruptcy protection is among many strategies individuals and families can explore. Chapter 7 bankruptcy protection offers filers an opportunity to discharge or erase unsecured debt such as credit cards and medical bills so that they can more easily afford the basics of food, shelter and transportation.
For those who do not qualify for Chapter 7 bankruptcy, but are nonetheless struggling to make ends meet, Chapter 13 offers filers and opportunity to reorganize their debt into an affordable payment plan that can span 3 to 5 years, providing much needed breathing room.
Couples with considerable debt who are contemplating divorce, often have questions regarding bankruptcy to eliminate debt. Many wonder if they should file for bankruptcy before or after a divorce. Some important factors couples should consider is whether debt is in one or both names, what exemptions are available to single filers versus married couples, and other relevant factors to decide if bankruptcy is the best strategy in a divorce.
Often times, divorce and bankruptcy go hand in hand with couples seeking to eliminate debt so that they can get a fresh start. When you have questions regarding filing for bankruptcy before or after your divorce, and the division of marital assets and debt, contact the Law Office of Ronald L. Bell & Associates, PC for assistance at 847-495-6000.