Divorce and Bankruptcy in Oklahoma

If you have serious debt problems, you’re probably also stressed out most of the time. And not sleeping well. And if you’re married, you and your spouse are probably arguing with one another about money or the lack of it.

Financial problems are one of the leading causes of marital difficulty and divorce in Oklahoma today. And many times, divorce and bankruptcy go hand-in-hand.

Just think for a moment. If you are having major problems paying your bills now, think what it will be like after you get a divorce. Your household income is going to shrink when your spouse moves out. You’ll have to cover all of your monthly living expenses on just your income alone. How are you going to do that?

If you think that things won’t be so bad because you won’t be responsible for all of the marital debt, you have another think coming.

You see, if you and your spouse have acquired joint debt during your marriage, whether it be a home loan, car loan, or credit card, both of you are going to be legally responsible for that debt even if you get a divorce. Really.

Oh sure, your divorce decree will divide up the debts, assigning responsibility for some to you and some to your spouse. But understand this. Your divorce settlement is only between you and your ex-spouse. It doesn’t bind your creditors who can collect the debt from either one of you. This means if your ex-spouse doesn’t pay his or her share of the debts, the creditor can come after you for payment. And they will too.

Also what if your spouse files for bankruptcy after the divorce? If that happens, you can be sure that all of your creditors will be contacting you for payment. And if you can’t pay, then your spouse’s bankruptcy may just cause you to have to file bankruptcy for yourself. Unless you don’t mind being sued and having your paycheck garnished.

For those reasons, it may make more sense for you and your spouse to talk to a bankruptcy lawyer before you get divorced. At least that way you can get some good advice regarding the pros and cons of filing bankruptcy together first and then filling for divorce OR filing for divorce first and then filing individual bankruptcy cases.

If you are contemplating divorce in Oklahoma and would like to know more about how bankruptcy may be able to help you, contact me today to schedule a FREE initial consultation. Just fill out the Contact Dan form on the far right side of the page and click the Submit button and I’ll get back with you as quickly as I can. I would count it a privilege to be able to visit with you in a relaxed and confidential environment where I’ll answer all of your questions in plain English and give you the straight scoop on the pros and cons of bankruptcy as related to your specific situation.