Divorce and Bankruptcy
Dozens of complications in a person’s life can lead to financial distress, possibly making bankruptcy a viable option for settling debt. Divorce is one such challenge that can take a toll on an individual’s financial stability. Between legal fees and sudden alimony or child support responsibilities, many people who have recently divorced find themselves with huge expenses that quickly lead to insurmountable debts.
After divorce, it may be helpful to go over your finances with a lawyer who can help you understand what debts can and cannot be discharged under Chapter 7 bankruptcy. The attorneys of the Russell Van Beustring P.C., want Houston residents to know their personal bankruptcy options and how it can provide a solution to one’s financial difficulties.
Costs of Divorce
Divorces can be very expensive for both parties involved. Some of the costs associated with divorce include:
- Legal fees
- Court costs
- Relocation expenses
- Fees for expert witnesses like real estate appraisers
Additionally, a person may sudden be forced to pay child support or alimony, or adjust to a decreased income. Although back child support and alimony are typically not considered “debt” during bankruptcy, these financial responsibilities can still make it difficult to cover other obligations like a mortgage or car payment, potentially leading to heavy debt.
Contact a Personal Bankruptcy Attorney in Houston
If you are in a difficult financial situation due to divorce, the knowledgeable lawyers of the Russell Van Beustring P.C., might be able to help you escape this difficult time by leading you through the bankruptcy process. Contact our offices today at 713-973-6650 to discuss your financial situation and how we can assist you.