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Many times, a divorce can wreak havoc with your finances and result in bankruptcy. In Miami, many people file for bankruptcy within a year of their divorce, which they are unprepared for. Hence, if you have hired a divorce attorney in Miami, Florida, you must consult the lawyer about the repercussions of the divorce on your finances. On the other hand, if your divorce has already been finalized and you are discovering the effects on your finances, it is best to consult a qualified bankruptcy lawyer in Miami, Florida.

Working with a qualified lawyer can help you take the proper steps so that you can get your finances and life back on track.

Divorce-Related Debt

Debt brought on due to a divorce can be frightening as you may end up with unmanageable debt. You may find that you are suddenly responsible for ex-spouses’ credit card payments and auto loans due to Florida laws. And, the situation can worsen if your ex-spouse files for bankruptcy as their creditors will begin chasing you and ask you to repay the debt.

You have to remember that even if you file for bankruptcy with the help of a bankruptcy lawyer in Miami, Florida, you would still have to be responsible for paying non-dischargeable debt, like child support and alimony.

So, suppose you are facing unmanageable debt. In that case, it is essential to consult a qualified bankruptcy attorney who can help you file for bankruptcy and ensure you come out of this situation as unscathed as possible.

Your Options

You have the choice of filing for Chapter 7 or Chapter 13 bankruptcy. Your lawyer will advise you which is the right choice based on your financial health and debt. When you file for bankruptcy, it can reduce or get rid of dischargeable debt and prevent creditors from harassing you. Also, you can prevent your home from getting foreclosed and ensure you legally handle complicated tax issues in the best possible way. Above all, your bankruptcy lawyer will help you get debt relief so that you can get your life back on track.

The Bottom Line

When you are filing for divorce, make sure you speak to your divorce attorney in Miami, FL, about bankruptcy if you find that your finances are taking a beating. They will be able to guide you or recommend the best bankruptcy lawyer for you.