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Do you need to file bankruptcy while separated from your spouse?

Financial issues and divorce often go hand in hand. One of the leading reasons why people file for divorce is because of money issues, and these financial struggles do not simply go away when a couple separates. In fact, you may find that you continue to have a difficult time making ends meet while you are living apart or going through the divorce process. Separation can amplify money-related trouble.

If you are unable to manage your debt and continue to deal with financial complications, you may consider moving forward with bankruptcy. This is not an easy decision, especially during a time of separation, but it may allow you to achieve a better financial future. It can help to learn more about this process and what it may mean for your separation or future divorce. 

Your debts

Bankruptcy is an option for individuals who can no longer effectively manage their debts. While you may assume that, because you and your spouse are not living together, you will have to file separately, that may not be the case. It may actually make more sense for both of you to file for bankruptcy together.

The decision to file jointly or not depends on the types of debt that are hanging over your head. If you are struggling with debts that both you and your spouse hold, it may be practical to file together. However, if you are dealing with personal debts, filing individually may be the right option to help you claim a better financial future. It may help to remember that joint debts and interest can continue to accumulate, even during a time of separation. 

Your property

One of the most common concerns that people have during bankruptcy is what will happen to their personal property. While there are times when the bankruptcy can require the liquidation of certain assets, there are often exemptions that can allow you to keep your stuff. However, even if you or your spouse file individually, some jointly held assets may still be reachable to creditors.

The implications of your choice 

The implications of filing for bankruptcy are significant, but it can allow you to deal with certain types of debt once and for all. If you are unsure of the best way forward, it may help to discuss your needs with an experienced Florida attorney who is familiar with both the bankruptcy and divorce process.

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