If you are going through the process of divorce, or have recently went through one, then you might surely be experiencing lots of turmoil and stress in your life. Adding to that stressful time, you also need to determine whether you must file for bankruptcy or not.
You should always keep in mind that you are not along in it. Among the reasons why people choose to file for bankruptcy, divorce is among the top reasons.
Here are some things to keep in mind when filing for bankruptcy after you have had a divorce:
Chapter 7
You may already know that chapter 7 bankruptcy is a type of liquidation-bankruptcy. Chapter 7 bankruptcy is a much swifter process when compared to other debt-relief options. You would be able to get discharged of your debt within only 90 days. Chapter 7 tends to be a bit expensive too. You would be required to have further qualify to file chapter 7 via “means testing”, as suggested by the Divorce Lawyer Milwaukee.
Chapter 13
Also known as wage-earners bankruptcy option, chapter 13, often requires the person to pay their dues on monthly basis, and it often lasts for at least 3 – 5 years, typically. A key benefit of filing chapter 13 is that you will be often able to keep your high-valued assets which has great value over exemptions. Your high-valued assets might include your vehicle or your residence. Chapter 13 tends to be less expensive option for filing for bankruptcy and having your debts discharged.
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