Collaborative Law Enables Amicable Divorce

Divorce is often associated with battling ex-spouses who have to resort to airing their “dirty laundry” in court to get the settlement they want. This does not always have to be case, however, and divorces don’t have to be acrimonious.

Through collaborative law, divorcing couples can resolve their differences without the court having to intervene. This involves both parties being represented by their own divorce attorney in Orlando. After each spouse provides all relevant information, such as annual earnings, both sides engage in negotiations over child custody and the like. Once a settlement is reached, the agreement is presented to the court, which then executes the terms and conditions.

Understanding Bankruptcy and Its Effects

Taking out a loan or financing is a widely accepted norm. In fact, credit card debt, auto, student loan and mortgage debt rose significantly in 2014 compared to the previous years. This fact also shows the potential number of people who might have problems paying back their debts. For many who have exhausted ways to do so, they can resort to filing for bankruptcy.

Bankruptcy is the process of eliminating or repaying a portion or a whole debt under the protection of the federal bankruptcy court. It can be accomplished either by liquidating a debtor’s property or by reorganizing the repayment agreement. These options are elaborated in Chapter 7 and Chapter 13 Bankruptcy. The court shall decide which should resolve a debtor’s financial obligation.

The Bankruptcy-Divorce Connection

Studies show that since 1997, there has been an increase in bankruptcy filings in the U.S., which are completely unrelated to business. In fact, financial problems are some of the main reasons for getting divorce in the country. If you find yourself facing both bankruptcy and divorce, you should consult an Orlando divorce attorney who is also adept at bankruptcy cases to know how to proceed.

Which Step to Take?  

Dealing with divorce induces enough stress, which could only increase if you have to file for bankruptcy as well. A bankruptcy attorney in Orlando might recommend that filing for divorce first is more ideal and practical since a state divorce court cannot proceed with division of property if a federal bankruptcy court is handling your case. 

Tips on Surviving a Bankruptcy

Declaring bankruptcy is often equated to failure since it has a lot of repercussions on your credit score as well as mention a huge impact on your financial state. Declaring bankruptcy is definitely not a light decision, and you might need help from bankruptcy attorneys before making this decision. Fortunately, there are several ways that could help you rebuild your financial status even after bankruptcy.

Learn from your Mistakes

In the case of a Chapter 7 bankruptcy, you might be relying heavily on your cash at hand or on your bank account to pay for usual costs such as your bills and costs for your everyday living. In doing so, you can practice better discipline on your expenditures and track your spending patterns, which can help you draft a budget and formulate a forecast for the future.