Filing Bankruptcy and Saving Your Marriage
Financial stress is one of the biggest causes of divorce in America. Job loss, underemployment, medical debt and delinquent taxes can cause marital rifts which threaten the marriage with dissolution. But many bankruptcy debtors have found Chapter 7 and Chapter 13 bankruptcy can relieve some of the financial stress in their marriage.
Let’s take a look at how:
Relieve Financial Stress On The Family Breadwinner
Many families are facing job losses which impacts one or both couples. In the case where one couple is burdened with the entire financial responsibility of the household, bankruptcy can eliminate debts and relieve some of that financial stress. Bankruptcy is also helpful when the primary breadwinner has suffered a reduction in wages and can no longer support the family. By filing Chapter 7 bankruptcy, many unsecured debts can be discharged, leaving the debt load a lot lighter.
Provide Extra Income For Expanding Family
If a couple is expanding their family, making ends meet can become a challenge. Filing bankruptcy can free up additional cash by discharging unsecured debts. Bankruptcy provides generous exemptions and debtors qualify for Chapter 7 bankruptcy by the number of people in their household. Married couples who have just given birth to or adopted a new baby can benefit from the higher income threshold provided to larger household which could help qualify them for Chapter 7 bankruptcy.
Even Out Lopsided Debt Loads
One of the biggest challenges for some married couples is that one spouse has lots of debt while another has little debt and lots of income. This can cause conflict, especially in new marriages. Some married debtors find a solution by having the indebted spouse file bankruptcy alone and discharge their debt. If your marriage has a lopsided debt load contact a Dallas bankruptcy attorney for details on how bankruptcy can eliminate some of that debt.