Telephone & Video Conferences Available.770-993-1005
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

770-993-1005

11175 Cicero Drive, Suite 100 | Alpharetta, GA 30022

  • Facebook
  • LinkedIn
  • Twitter
Charlton & Glover P.C.

Charlton & Glover P.C.

Atlanta Family Law & Divorce Attorney

  • Our Firm
    • Martin Grayson Charlton, Esq.
    • Patricia S. Glover, Esq.
  • Bankruptcy Lawyer
    • Chapter 7 Bankruptcy Attorney
    • Chapter 13
  • Wills & Probate
  • Criminal Defense
  • Mediation
  • Contact
  • Blog

Bankruptcy and Divorce

You are here: Home / Bankruptcy / Bankruptcy and Divorce

June 19, 2016 by Patty Glover

There are few things as stressful as going through a divorce, but when you couple that with a need to obtain the financial clean slate that a bankruptcy action may provide, it may prove overwhelming. There are some things to consider when deciding whether, and how, a bankruptcy action contemporaneous with a divorce may benefit a person.
Atlanta Bankruptcy Lawyer
It is common for a couple who has decided to divorce to also consider filing a bankruptcy action, as financial difficulties play a large role in many divorces. One of the first questions to ask yourself is whether to file jointly as a couple prior to the divorce or whether to wait and file an individual bankruptcy case after the divorce has been finalized. Filing during a divorce enables a couple to liquidate certain debt in order to have a simplified division of assets and liabilities after the divorce. However, there are circumstances where a person may want to go through the divorce, including the equitable division of property, and then commence a bankruptcy action.

 The Type of Bankruptcy Matters

There are two common bankruptcy actions that are pursued by individuals, Chapter 7 and Chapter 13. These bankruptcy cases have very different outcomes. A Chapter 7 case is often referred to as a liquidation bankruptcy as the goal is to eliminate certain debt as opposed to reorganizing it and making payments. In order to file for Chapter 7, there are income restrictions. If a couple, or individual filing alone, exceeds the established median income, then they would have to file a Chapter 13, where there is a bankruptcy trustee who is assigned to the action and oversees a repayment plan for creditors, which is in place for between three to five years. It is important to decide if this ongoing obligation would work for a couple going through a divorce. Once the divorce has been finalized, it may be beneficial for an individual to file a Chapter 13 action.

 Atlanta Bankruptcy Lawyer

 
There are many reasons why individuals file for bankruptcy, but the financial uncertainty surrounding a divorce often prompts people to make the decision to pursue a bankruptcy case. It is important to understand the different options and how they will affect you before deciding which path to pursue. If you live in the Roswell or Alpharetta area, the experienced bankruptcy and divorce attorneys at Charlton & Glover are ready to help you. Call us at (770) 993-1005 to schedule a free initial consultation.

Category iconBankruptcy Tag iconatlanta bankruptcy lawyer,  can you file bankruptcy twice,  filing bankruptcy twice,  roswell bankruptcy attorneys,  roswell bankruptcy lawyers

Primary Sidebar

Contact Us

  • This field is for validation purposes and should be left unchanged.

Testimonials

"Patricia Charlton did an excellent job on handling my son’s car accident settlement. I would highly recommend this firm" ...

Mike S.

Read More

"I had just had probably the worst year financially speaking. I was paying several mortgages, had lost my business and had a massive amount of unexpected health related expenses and credit card bills. I could only see one" ...

Frank E.

Read More

"The best lawyers EVER!!! If you need anything these are the folks to go to for attorneys and lawyers in the roswell and surrounding areas. Professional, knowledge, passionate, and most of all great at what they do" ...

Brian Sleeth

Read More

Contact Us

  • This field is for validation purposes and should be left unchanged.

Footer

Contact us today to schedule a free initial consultation!

770-993-1005

11175 Cicero Drive, Suite 100
Alpharetta, GA 30022


  • Facebook
  • LinkedIn
  • Twitter

Our Legal Services

  • Criminal Defense
  • Bankruptcy
  • Wills & Probate
  • Mediation
  • Arbitration

About Us

Charlton & Glover, located in Alpharetta, GA, was founded in 1994 by Martin G. Charlton and Patricia S. Glover, attorneys who have been practicing since 1983 and 1988, respectively. Our experienced attorneys will work one-on-one with you to get the attention you deserve, whether it involves Criminal Defense, Wills & Probate, or any other legal issue.

Copyright © 2023 Charlton & Glover, P.C. All rights reserved.
Privacy Policy | Sitemap