Brooklyn bankruptcy attorney Bruce Weiner was interviewed last week by NYC Financial Advisor Sara Stanich for her blog “Cultivating Wealth”. The interview covers questions about bankruptcy and divorce, debt negotiation and when to consider filing.
Here’s an excerpt from the interview:
Sara Stanich: “I work with people going through divorce and debt is often a big issue. Do you have any tips relating to divorce and bankruptcy?”
Bruce Weiner: “Divorce and bankruptcy is a complicated issue, and also a major cause of bankruptcy. After divorce, couples are often going from two incomes to one supporting their household. Sometimes one party will use credit cards to maintain their lifestyle. Two or three years later, they realize they are unable to pay that debt back.
Bankruptcy can also complicate divorce proceedings. A bankruptcy may affect decisions relating to property and assets in a matrimonial case.
Married couples do not have to file for bankruptcy together. However, if they are planning to divorce and they are still legally married, it may make sense to do it together as there will be only one set of legal expenses and filing fees.
On the other hand, it may make sense to wait until after the divorce is final. If the property settlement in the divorce includes transfer of the house, it may be advantageous to wait until after divorce is final and the title is transferred to file for bankruptcy.” To read the entire interview click here.