your options for getting out from under debt

Key Tips For Choosing The Perfect Bankruptcy Attorney For Your Needs When A Divorce Has Left You Massively In Debt

If your divorce and its related financial challenges have left you so far in a financial hole that you cannot see any way of ever paying off the debt without some help or if you can't even afford minimum monthly payments to your creditors, it is time to seriously consider applying for bankruptcy. And to do that, you need to work with a bankruptcy lawyer. However, there are many bankruptcy attorneys, who may also be known as financial legal counsel, and choosing the right person for your needs and expectations is not always easy. Therefore, the following tips should be quite useful.

Determine Whether The Attorney Focuses Solely On Bankruptcy

It is important to note that the laws about bankruptcy are both plentiful and complex. As such, it is often a better choice to be sure that the legal counsel with whom you are speaking is an expert in the field and that he or she is aware of any recent changes to the bankruptcy laws.  

Unfortunately, if you were to choose a jack-of-all-trades type of attorney, that person may lack the wealth of knowledge that another lawyer would have from working just on bankruptcy cases.  

Verify How The Terms Of Your Divorce (And The Debt Division) Might Impact Your Bankruptcy

A very common issue after divorce is often the division of debt, which is frequently separated into two equal portions, and each party is responsible for paying their share. One common problem arises when your former spouse does not comply with the court order and pays less than what he or she should. However, in most cases, you will find that collection agencies and bill collectors don't care very much if the judge said certain debts are not your responsibility, especially if your name was associated with the debt at the time it occurred.

If your ex is in arrears on his or her portion of your mutual debt, you may need to pursue legal action against them or ask a judge to find them in contempt of court, but your bankruptcy options for including his or her share of the debt might be limited. In addition, many debts are not eligible for inclusion into bankruptcy, and the details of your divorce can impact your ability to dissolve debt after a divorce. Therefore, you should speak with your attorney to create a financial plan for your future after bankruptcy, since there isn't a one-size-fits-all law to refer to.    

In conclusion, when financial problems stemming from or related to your recent divorce have left you in a position where you cannot see a way out of your mountain of debt, speaking with a bankruptcy attorney, such as Jeffrey S. Arnold, Attorney at Law, P.C., may provide you with the fresh start you deserve. As a result, it's a good idea to consider the advice shared above when you are choosing the right financial legal counsel for your needs.