Feb 02, 2016

Filing for divorce in Michigan can be a financially taxing experience. There is no doubt that big decisions will need to be made about your finances. Who will pay for your debt? What happens to your home? There are many questions many people have when making the move to file. One of the biggest questions you will need to ask of yourself, you're soon to be ex, and of your attorney is the likelihood of filing for bankruptcy.

Why Does Bankruptcy Happen?

It is very much possible that one or both spouses will need to file for bankruptcy after they file for divorce. This is common because of the financial strain the move can create. For example, you may find that the amount of debt you have to pay after you've split up is simply too high. If you cannot afford to pay for it, filing for bankruptcy may help to eliminate this concern. However, every situation is very different.

What to Discuss with Your Attorney

When you go in to see your divorce attorney, ask a few key questions about bankruptcy law in Michigan as well.

• Do you qualify to file?
• If you file for divorce, how much debt will you likely face?
• Will you qualify for bankruptcy to discharge this debt specifically after your divorce?
• How does your current income factor into this?
• What steps will you need to take?

Divorce law does not limit your ability to file for bankruptcy. However, it may factor into your need to pay child support and alimony. Keep in mind that divorce law does protect your obligation to pay child support even if you do file.

If you are concerned about what will happen after you file for divorce in regards to your finances, talk to your attorney. You may find that this type of action is going to create a new opportunity for you to rebuild your finances along with your new life.