07/11/2019
One third of married adults report that money is a big source of conflict in their relationships. In fact, financial problems are the leading cause of divorce.
If your current financial situation is causing personal or relationship problems, it may be time to consider filing bankruptcy.
Bankruptcy can sound scary, but here are 3 ways that filing bankruptcy can actually help strengthen your personal relationships:
1. Bankruptcy does not seek to find blame. The bankruptcy system will not quiz you or your spouse on who did what and when. Bankruptcy only seeks to find out how much your debts are whether or not you can pay them. This will remove the pressure to find the source of the “problem” in your relationship. Instead, you can forgive and move forward.
2. Bankruptcy removes the source of most marital arguments-debt, by discharging that debt and giving the couple the opportunity to use their income in more productive ways.
3. Bankruptcy can protect the income of the couple and the assets using the automatic stay. This is especially important if one spouse is the one who made most or all of the financial mistakes that put the family into bankruptcy in the first place. Nothing creates more hostility in a marriage than having your income garnished from your bank account when your spouse was the one who did not pay his/her credit card bills.
We can help you decide whether bankruptcy is an option for you, and we offer a free no-obligation strategy session for that exact purpose!
