Many divorces here in New Jersey come about because of financial strain and arguments over money. Debts mount up and become the elephant in the room when it comes to the marriage. This naturally results in marital debt becoming a key issue in the divorce.
But what if that debt could go away? Would that make your divorce simpler? Would it get it resolved faster? If so, then bankruptcy can be very helpful in your divorce. this is because discharging marital debt in a bankruptcy takes that issue off the table for the divorce.
It also removes the risk that the spouse that agreed to pay the debt in return for a marital asset does not turn around and file later, upsetting the carefully crafted balance of the PSA.
Many times a chapter 7 bankruptcy can make it easier to come to an agreement on the marital property and eliminate potential problems down the road.
So What Do I Do?
If you live in southern New Jersey and are in the middle of a divorce and struggling with marital debt, please feel free to call me at 856-432-4113 or contact me through this site for a free consultation in my Woodbury office to discuss your case. You could end up with a less expensive divorce and a lasting fresh start.
If you are looking for more information on how bankruptcy might help you with your divorce, then you should download my free book, Top Questions Divorcing Couples Ask About NJ Bankruptcy.