You Save Time Money. When you file a joint bankruptcy, you pay 1 filing fee, not 2. Better yet, you can share the cost of the lawyer’s legal fee instead of you both paying the full fee.
You Ensure You Listed All Debt. When you divorce first and file bankruptcy second, you may miss some of your debt that that you and your spouse thought was your spouse’s individual debt, but was in reality your debt too.
Your May Qualify for Chapter 7 (as opposed to Chapter 13 repayment plan.) When you are married and living together, your household size is necessarily larger (two people, not one person)(and even more you have children living with you) and so does the qualifying income level under the means test.
Your Divorce Will Be Easier. You and your spouse will have addressed the issue of your debts. It is one less item for your divorce lawyer to do for you (and one less item to bill for.)
Contact New Jersey Bankruptcy Lawyer Marc P. Feldman at 973-267-7555 for a Free Initial Consultation before you file for divorce.