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Bankruptcy and Divorce

Bankruptcy and Divorce

Bankruptcy and Divorce in Raleigh, NC: How Cameron Bankruptcy Law Can Help

Bankruptcy and Divorce – Going through bankruptcy and divorce can feel overwhelming. Both involve legal processes, financial challenges, and big changes in your life. But with the right legal help, you can make things smoother. At Cameron Bankruptcy Law in Raleigh, NC, we specialize in helping people navigate these tough times. Whether you need a bankruptcy attorney or a divorce lawyer, we are here to assist you.

Why You Need a Lawyer for Bankruptcy and Divorce in North Carolina

Bankruptcy and Divorce – If you’re dealing with both bankruptcy and divorce, things can get complicated quickly. Each process has its own set of rules, and they can overlap in ways that affect your financial future. That’s why having a lawyer who understands both North Carolina’s divorce and bankruptcy laws is so important.

At Cameron Bankruptcy Law, we are experts in these areas. Our team knows how to protect your rights and ensure that you get the best possible outcome for your situation. Whether you’re looking to file for bankruptcy or finalize a divorce, we can help you every step of the way.

What Is Bankruptcy and Divorce?

Bankruptcy is a legal way for individuals or businesses to get rid of their debts or set up a plan to repay them. On the other hand, divorce is the legal process of ending a marriage. Each of these events alone can be stressful, but when they happen together, it’s crucial to manage both properly to avoid additional problems.

In Raleigh, North Carolina, our team at Cameron Bankruptcy Law has years of experience handling both bankruptcy and divorce cases. We’ll explain your options and help you through each step.

Should You File for Bankruptcy or Divorce First?

Bankruptcy and Divorce – The order in which you file—bankruptcy first or divorce first—depends on your personal situation. Some couples find it easier to file for bankruptcy before divorce, as this can simplify dividing up debts and assets. For example, by eliminating joint debts in bankruptcy, you can make divorce negotiations simpler.

Filing for Chapter 7 bankruptcy before divorce can be a good option because it’s quicker (usually about three months), which means you can move on to your divorce more swiftly. If you file for Chapter 13 bankruptcy, which lasts three to five years, it might be better to wait until after the divorce.

However, sometimes filing for bankruptcy after a divorce is the better choice. By filing individually, you may qualify for Chapter 7 bankruptcy based on your new, lower income after the divorce.

It’s always best to talk with a lawyer who understands both bankruptcy and divorce laws to help you make the right choice. At Cameron Bankruptcy Law, we can provide you with the legal advice you need.

How Bankruptcy Can Affect Your Divorce

Bankruptcy and Divorce – One of the key things to know is that bankruptcy affects property division in a divorce. For example, filing for bankruptcy puts an automatic stay on most court proceedings, which could temporarily pause your divorce case. This can delay dividing up assets and debts until the bankruptcy case is complete.

Additionally, bankruptcy may discharge your debts, but certain obligations like alimony and child support cannot be erased in bankruptcy. These are priority debts, and they will remain even after a bankruptcy discharge. This is why it’s important to plan carefully, and our attorneys can help you manage these overlapping legal areas.

Bankruptcy and Divorce – Should You File for Chapter 7 Bankruptcy as a Couple?

Bankruptcy and Divorce – If you and your spouse are on good terms, you may want to file for Chapter 7 bankruptcy together before getting divorced. Filing jointly allows you to discharge more debts and save on court costs and legal fees. Plus, you may be able to protect more property through joint bankruptcy exemptions.

But there are also risks. Filing for bankruptcy together requires you to cooperate with your spouse throughout the bankruptcy process. If you’re not on good terms, this could add stress to both your bankruptcy and divorce proceedings.

The Cost of Filing for Bankruptcy and Divorce

Filing for bankruptcy and divorce can be expensive, but there are ways to reduce costs. For example, if you file for bankruptcy first, you might be able to lower your divorce costs because there will be fewer debts to divide. Additionally, filing for Chapter 7 bankruptcy is usually cheaper and faster than Chapter 13, making it a good option if you’re looking to minimize expenses.

Get the Legal Help You Need in Raleigh, NC

If you’re facing bankruptcy and divorce at the same time, it’s important to have an experienced attorney by your side. At Cameron Bankruptcy Law, we have the knowledge and experience to guide you through both processes. We’ll help you understand your options, protect your rights, and make sure you get the best possible outcome for your future.

Call us today to schedule a consultation with one of our skilled divorce and bankruptcy attorneys in Raleigh, North Carolina. Let us help you get through these tough times and move forward with your life.

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