It can be rather complicated when you think about the process of divorce and bankruptcy and no individual should attempt to handle it on his or her own unless that individual has expertise in the legal profession. While there are certainly do-it-yourself kits for bankruptcy in some states, you have to make sure you know what you are doing before even think about attempting to handle something some important without the benefit of legal counsel. Only those who are completely certain they know the process and are comfortable with the legalities should even attempt to handle either of these processes.
Even if you are planning to hire a divorce lawyer and enlist legal counsel to file bankruptcy, you still need to understand the steps involved in the process. It is also important to evaluate 
and analyze your decision in order to ascertain you are choosing the only viable solution for your circumstances. What this means is you need to fully understand the effects filing bankruptcy will have on your future up to and including the following:
- Bankruptcy will have a detrimental effect on your credit history.
- Bankruptcy remains on your credit history for seven to ten years depending which chapter you file.
- It may be difficult to secure employment in some fields.
- Most state laws allow insurance companies to obtain credit reports and assess premiums based on that information.
There are many complicated steps involved in a bankruptcy filing, so you should not attempt to file the petition on your own. While here are forms available online, most people feel more comfortable leaving bankruptcy filing in the hands of a qualified lawyer. There are six steps involved in a bankruptcy filing although some of these steps may merge into one step if you engage a bankruptcy lawyer.
- Obtain a competent bankruptcy lawyer to file your petition
- Bring or forward all necessary paperwork to your lawyer
You may choose to do this all at the same time or forward the paperwork before you call to set up the appointment
- After all paperwork is complete the lawyer files the bankruptcy petition on your behalf.
- You must manage all documentation and paperwork involving your creditors. What this means is you refer all calls concerning payments to the lawyer that is handling your bankruptcy. Legally your creditors can no longer contact you once that creditor knows you are filing bankruptcy.
- Attend a meeting of the creditors in bankruptcy court. This meeting will show whether you meet the qualifications for filing bankruptcy. There should be no problems as long as you have followed the law and haven’t attempted to hide any assets or provide preferential treatment to any creditors.
- Obtain a final Discharge.
The steps may vary slightly if the divorce and bankruptcy involve Chapter 13 since not all of those debts will be discharged. However, the effects of divorce will definitely be compounded when bankruptcy is involved since it will have a long-term effect on the financial stability and credit scores of both husband and wife.
Related articles
- You May Not Have To Lose Your Home, Assets If You File For Bankruptcy (helpwithdebtnow.com)
- Chapter 13 Bankruptcy Lawyers Tampa Florida (connectiongoddess.com)
