Getting a divorce can take a devastating toll on your finances. Your income may be cut in half. You also may be given half of the bills from your marriage to pay off on your own.
Because you no longer have an additional income on which to count, you may need to take drastic steps to resolve financial complications. By consulting with a debt consolidation service, law firm, or chapter 13 lawyer orlando fl residents like you could find the best financial solution to your money troubles.
Learning about the Advantages of Chapter 13
Filing for bankruptcy might not have been your ideal solution when you were going through the divorce. You realize what impact it takes on your credit. You also know it means you have reached a financial impasse with people to whom you owe money.
Still, it could be the best solution for you when you owe more than you earn. You need time to pay off the accounts without putting your assets and income at risk of garnishment or seizure. This chapter can stave off collection attempts and spare you from facing further legal difficulties in court.
Your attorney can help you organize your bills and present them to the bankruptcy court. You then will be given a set amount you must pay on them each month. The amount may be automatically deducted from your income rather than you having to mail in a check. You could have up to six years to pay off the total debts.
This option lets you settle delinquent accounts and protect your income. It also allows you the chance to rebuild your credit score. You may be able to rebuild your financial future by taking out this chapter of bankruptcy during or after your divorce.
Your marital debts will follow you after you get divorced. When the court has ordered you to pay half of these accounts, you may need to organize and pay on them in a logical manner. Your best option could be to file for one of the chapters of bankruptcy.