Spousal Problems When Faced With Bankruptcy

  • By:David Bate

Personal Injury Lawyer

Suffering in financial debt and struggling to make payments towards your financial obligations can take a significant emotional toll on someone. Additionally, when those debts are shared with your spouse, partnering in how to tackle the problem can be especially hard. Not only may each party come to the table pointing the finger at the other, tensions can rise. It’s not uncommon for each person to perseverate over the financial situation they have found themselves in. Although for some people, filing for bankruptcy may be the most appropriate step, making the decision can be a difficult one. Safeguarding a relationship while enduring financial issues can be especially challenging amongst the animosity couples may be experiencing. Taking the time to work with a bankruptcy attorney and seek mental health counseling may help to endure the bankruptcy process and preserve the relationship.

Filing for Bankruptcy

There are a variety of reasons to choose bankruptcy. However, it’s important to consult with a bankruptcy attorney to determine whether you should choose Chapter 7 or Chapter 13 bankruptcies. An attorney will be able to review your financial situation to help in determining the best way to proceed. Depending upon the type of bankruptcy you pursue, there can be different advantages to each:

Advantages of Chapter 7

  • Stops calls and actions from creditors through an automatic stay
  • Liquidates or discharges much of the debtor’s debts.
  • Your credit may begin to recover once your debts have been discharged, allowing you to file for loans again.
  • You have the ability of reaching a resolution fairly quickly

Advantages of Chapter 13

  • Allows you to retain some of your assets
  • May stop a foreclosure on your property
  • Gives you the ability to draft a proposal to the courts of how you will repay your debts
  • Stops calls from creditors
  • May be less damaging to your credit

No matter the option you choose, an attorney may be able to assist in providing you with peace of mind throughout the process. However, the strain financial problems may put on both you and your partner can quickly have you at each other’s throats. This is a primary reason why it may be helpful to seek additional support from a therapist.

Taking Care of Yourself, and Your Relationship

The stressors that come with financial problems can ultimately extend problems in a couple’s relationship. Sometimes, poor financial decisions may go on for a number of years, causing a serious impact on a couple’s functioning. Finances are tied to so many things. Because of this, they can easily creep into a relationship. A couple’s therapist can be helpful for a number of reasons:

  • To help improve communication
  • To help create a plan for how your finances can be better managed
  • To give each party the opportunity to feel heard and supported in a more structured atmosphere
  • To have the help of an experienced therapist
  • To work through the blame the couple has placed on one another

Are you and your partner struggling with debt? As a result are you struggling to get along? You may need more help than the legal counsel of a bankruptcy lawyer Tampa, FL offers. Financial challenges can take a toll on a couple’s overall relationship health. Preserving your relationship will be important, especially through a process that can be incredibly stressful. Seeking the help of a couple’s therapist, may be a positive way to talk through the tension, and ultimately, rebuild your relationship.

 


 

Thank you to our friends and contributors at The Law Office of Michael A. Ziegler Law, P.L. for their insight into bankruptcy and spousal problems.

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