Divorce and bankruptcy often arrive together in New Jersey. Generally speaking, personal financial problems tend to come along with other major life events — it would be perfectly acceptable to feel overwhelmed, were it to happen to you.
The key would be to make your unmanageable dilemma into something you could handle. At the offices of William H. Oliver, Jr. & Associates, we make it a priority to offer advice that reduces these large, complex situations to actionable sections.
We believe in action when it comes to beginning the bankruptcy process, especially during a divorce. Reduced incomes of divorced people, finances laid bare during discovery and many other factors might seem to complicate a financial situation. In fact, if you were to study the rules of bankruptcy and take your process one decision at a time, you would see that the system could streamline your debt relief strategy for you in many situations. Furthermore, divorce might provide unique financial opportunities.
That said, some of the earliest decisions would often give you the greatest challenges. For example, you could have a chance to file for bankruptcy with your spouse if you waited to finalize your divorce. This is why we always listen to our clients’ situations and try to help them discover the best strategies given their current divorce timelines and debt situations.
Another way that filing for bankruptcy could relate to your divorce is the procedural element. If you were to initiate the bankruptcy process while you were undergoing divorce proceedings, it could briefly stop the family court from advancing your case. Please read more on our main website.