I just went through a terrible divorce and now have a terrible debt situation and I don’t know where to begin to get out from under this. My next step feels like its bankruptcy but Im not sure.
I own a fitness business and nothing else.
What should I begin to do to get my life in order?
From my point of view, bankruptcy after divorce feels like the necessary second part of a painful situation.
While you and your spouse may come to an agreement on how old debt and obligations are repaid, that agreement has no bearing or authority on the creditors. So the past debt is now what binds you together. Typically in stress and strife. Who needs more of that?
I’ve yet to meet anyone who wanted to get a partial divorce. They typically want to move ahead with their lives without any ties to the other person, other than maybe kids.
The other big issue following a divorce is what happens when a two income shared household suddenly becomes a one income divided household. You now need to create two lives on a portion of the previous pool of available money. The math just doesn’t add up.
My opinion is you might as well take this moment in your life to get a total fresh start and consider a bankruptcy to get yourself back on track.
I would suggest that before you leap to any conclusions, one way or the other, that you meet with a couple of local bankruptcy attorneys and talk to the about your specific situation.