Bankruptcy and divorce can be quite traumatizing, especially so if they are done at the same time or consecutively. Anyone who is going through a divorce in most cases is in financial distress. It is important for anyone going through this major separation period to have the guidance of an attorney. They are also encouraged to have credit counseling sessions, as this will help them cope with the circumstances surrounding them.
This will be a great opportunity for the debtor to know how to handle finances before and after bankruptcy and or divorce. It is quite important that the debtor and the spouse think about the automatic stay. This will define what stays in case the petition is done under chapter 7 and what will be sold to recover the debt. The trustee will help them choose carefully on what they may keep depending on the value of the asset.
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The trustee will also be in a position to explain in depth, about the exemption on the automatic stay in case of a divorce. During the counseling sessions the debtor will have an opportunity to be explained to whether some of the debts can be discharged. In simpler terms, discharged debts are those that the debtor can get rid of.
However it is important for anyone who files a bankruptcy petition to realize that obligations towards a former spouse cannot be gotten rid of. Child support during bankruptcy does not fall under the list of the discharged debts. Bankruptcy and divorce may seem hard for anyone doing it for the first time but one needs to know that they are not alone. Millions of people are going to court over the same and the sooner this is done the better it is for an individual.
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