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Would it be better to declare bankruptcy first, or to get a divorce first? (Wisconsin). We have been married 10 years, no kids, (husband laid off in 2001, wife laid off in June 2009). We have not used a credit card in over 12 months, have over 130K in credit card debt, rental property for sale and soon to be forclosed, a home with a mortgage for more than it's worth and behind on payments, we're being sued by credit card companies. I'm not attached to the house or the property and could easily walk away. He refuses counseling- a dealbreaker for me. Federal income taxes haven't been filed since 2006, he says he will do it but I think I may need to hire someone -- unable to file either divorce or bankruptcy until done. I am afraid to bring up divorce due to how he may react so I need an action plan first. Not sure if it would be better to wrap up the financial mess first or divorce first. Thank you for your thoughtful consideration. I appreciate your time.
State/Country of Question: Wisconsin Already Tried: We have had a free in-person consultation with a bankruptcy attorney and think we might be able to do chapter 7 due to my recent layoff (am receiving small severence) however my husband thinks I shouldn't get a job too soon or we wouldn't qualify (my previous annual income 70K+). If I receive an offer, I don't want to turn it down in this market. I hope to have secured a new job by October and have had 1 interview so far. I have not consulted a divorce attorney yet and have not mentioned it to my husband due to fear of retaliation. Thank you.
After divorce, in my opinion, because there may be debts incurred during the divorce process that can be discharged in bankruptcy.
For example, if one spouse is assigned a $50,000 in debt as part of a settlement, then the spouse can bankrupt out of that debt, which can leave the spouse with a net $50,000 gain in the deal.
Most debts that are charged to a spouse during divorce are nondischargable, if they are owed "to a spouse...by the debtor in the course of a divorce or separation or in connection with a separation agreement divorce decree or other order of a court of record." However, careful construction of the settlement agreement language can permit a discharge in bankruptcy of debts that are incurred during divorce, by providing that they are not owed to the other party.
Hope this helps.
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