Not surprisingly, many who have been through a divorce may inevitably consider bankruptcy protection because of the costs associated with ending a marriage. First of all, obtaining a legal divorce can be expensive. Retaining an attorney often costs thousand of dollars and, if it is a contested divorce, legal expenses can add up quickly. Typically as part of a divorce settlement, martital assets will be divided, which may decrease savings and retirement account balances as well as result in … [Read more...]
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Bankruptcy Filings Increase for Ages 55 and Up
With more debt than that of previous generations, baby boomers are having to get by with less when retirement rolls around. In fact people ages 65 to 74 have saved 32% less in the past decade and have piled on five times the debt. This follows on the heels of the financial crisis, where many faced unemployment, pay cuts and a decline in the value of their homes. Everyday obligations, medical bills and college tuition debt left over from sending their kids to college drove many boomers to … [Read more...]
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Should I Declare Bankruptcy Before or After My Divorce?
Sometimes when a couple decides to divorce, they may be contemplating how to deal with a difficult financial situation simultaneously. After accumulating debt during a marriage, many people wonder if they would be better off declaring chapter 7 bankruptcy jointly before a divorce or file separately afterward. The answer is, it depends on the unique circumstances of your case. For one thing, you and your spouse will have to qualify to declare chapter 7 bankruptcy. Looking at your combined … [Read more...]
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