Money troubles can ruin a marriage. If you and your spouse are going to file for divorce and one or both of you wants to file for bankruptcy, timing is going to be important. If you file bankruptcy together, you can get rid of your marital debt before you try to divide up anything left in the divorce. Filing for your divorce and bankruptcy at the same time is not a good idea, because it gets too complicated.
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If you are considering filing bankruptcy, you may have questions about what your credit will look like after you file. Will you ever be able to get a credit card or a loan of any type after bankruptcy? The answer is yes, but only if you follow the instructions given by your bankruptcy attorney. If you are ready to file bankruptcy, there are a few other things you should know in order to have good credit after your bankruptcy.
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If your income is too high or have too many assets to file for Chapter 7 bankruptcy but are drowning in debt payments every month without any relief in sight, then filing for Chapter 13 bankruptcy protection is likely the best answer. When you file a Chapter 13 bankruptcy petition, you are asking the courts to put all of your debts into one big pot, and then you make one large monthly payment each month for up to five years.
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