I need suggestions and help

[dtosh]

I have been hiding out on here for awhile, but I need suggestions of what to do next. To make a long story short, the wife and I had discussed divorce and bankruptcy. I moved out a few months ago, she had suggested mediation to save us money, then about a week ago, I get divorce papers. We really need to file bankruptcy, but now we have one side already filing for divorce.

Shouldn't we file for BR first, then get the divorce? Does her filing mess up filing a joint bankruptcy? I haven't hired a divorce lawyer yet.

Thanks for any replies!

[SMinGA]

If there is no possibility of working things out (marriage) then divorce then bankruptcy is the right order, I think. Filing now, when your expense/income scenario is about to change could be a problem.

[HHM]

It depends

If there non-exempt assets (significantly so), it is usually better to divorce then BK separately. Usually, by divorcing first and dividing the assets, what was non-exempt in a joint BK may now become exempt or otherwise more easily to protect in separate BK's.

If there are only exempt assets and joint debt, it is better to BK first, then divorce. Reason being, if you BK first, that resolves the debt issues and therefore the divorce decree does not need to assign debt.