Divorce and Bankruptcies: A Delicate Balance

Divorces are based around the division of assets and liabilities between two married people. It can be expensive and result in bankruptcy for participating parties, which makes things more complicated.

Filing for bankruptcy before or after your divorce can simplify the process. If you do it before, you can save a lot on court fees if you do a joint application. Plus, since you’re both bankrupt, you’ll have less assets and liabilities to apportion during the divorce. Filing for bankruptcy can also protect some of your property from being sold off for debt payments, though you may need to talk about how that property will be affected by the divorce.