Facing Bankruptcy And Divorce Is More Common Than You Might Think
Going through a divorce can really shake your confidence or even make you feel hopeless. Things can seem even more desperate, however, when divorce leads to (or coincides with) bankruptcy. If you find yourself facing this dual storm of the end of your marriage and your financial stability, you should know that you’re not alone.
At the law firm of William H. Lively, Jr. WHL, PLLC, we have helped thousands of Texans address their debt issues and achieve debt relief. Divorce was a common factor in a large percentage of these cases. Many of our clients are newly single mothers and fathers whose debt situations have become very stressful. We have helped these individuals gain a fresh start through bankruptcy, and we can help you, too.
Why Divorce And Debt Are Closely Linked
Money troubles can lead to divorce and vice versa. Here are the numerous ways in which the two are connected:
- Finances are one of the most common and significant stressors in a marriage. Major debt issues can strain a marriage to the breaking point, especially if one spouse was primarily responsible for acquiring the debt.
- A highly contested divorce may cost both spouses a lot of money in attorney fees. The longer a case drags on, the more the money gets depleted.
- It costs more to live as two single people than it does as a married couple. There is no more sharing the costs of housing, transportation, food and other necessities.
- It costs more to raise children as a single parent. You may find you have to rely on child care providers more often just so you can continue to work when your kids are out of school.
- Being a single person/parent often means you have no financial safety net if something goes wrong. Therefore, you may not be able to absorb an unexpected car repair, medical bill or other emergency expense.
Our attorney, Bill Lively, has been practicing bankruptcy law for more than 25 years. He and the rest of our team understand the many uphill battles our clients face. When you work with our firm, you never need to worry about being judged or lectured. We’re here to help you solve your debt issues and get back on the road to financial recovery.
Can Creditors Go After You For Your Spouse’s Debt?
Texas is a community property state. That means most assets and debts acquired by either spouse during a marriage are considered jointly owned and should be divided equally. A court may divide the marital debt and order your spouse to pay for their fair share. Unfortunately, if your spouse fails to pay what they owe, creditors may still come after you because your name is also attached to the debt.
We can take steps to stop creditor actions by filing a bankruptcy petition on your behalf. There is no shame in seeking debt relief through bankruptcy, especially if you are coping with heavy debt in connection with a divorce.
Discuss Your Bankruptcy Options With An Attorney For Free
From our office in Tyler, the law firm of William H. Lively, Jr. WHL, PLLC, serves clients throughout East Texas. We offer free initial consultations so that you can explore your debt relief options and learn how we can help. To get started, simply call 903-920-0008 or complete our contact form.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.