Bankruptcy and Divorce

It is one of those unpleasant topics to discuss. But in reality - it happens. Two people come together with love and optimism to start a new life together and then it all falls to pieces. Such is life.

Divorce can be amicable or it can be a real war of the roses. And things can get extremely messy and ugly when it comes to the division of assets and liabilities. One party might unwisely or even worse - spitefully consider to file for bankruptcy if they feel they might be ordered to make financial payments to the other party as part of a divorce settlement. Or in some cases, the effects of the divorce itself might leave one party in an unenviable financial position in which they might (again, unwisely) consider to file for bankruptcy.

What I want to stress in this article is not so much the reasons for filing bankruptcy when it comes to divorce. Because while bankruptcy attorneys are quick to take your money and give you the false impression that bankruptcy is a walk in the park - the fact is that bankruptcy is in nowhere near as simple, cut and dry, and beneficial at all when it comes to sorting out the finances of a party involved in a divorce. In fact, there a great many Negative consequences - Highly negative consequences to filing for bankruptcy, whether a divorce is involved or not.

These include: the virtual destruction of the filer's credit record, the bankruptcy remaining on the filer's credit record for up to a full 10 years, the near impossibility of obtaining future credit during the time period, the inability rent an apartment, being required to pay deposits for future home utilities such as gas, electricity, water, internet, cable TV, etc. and the very real possibility of being passed over for a job, as more and more employers these days are performing credit checks as part of their routine job applicant screening process.

Chapter 7 Bankruptcy Alternatives

What you need to take with you today from this reading is the fact that bankruptcy is not the way to go. When it comes to being in a financially unstable position, there are in fact much better solutions to help one reduce and eliminate debt - without the need to even consider filing for bankruptcy. Chief among these programs is Debt Settlement. This programs involves a debt settlement firm negotiating on your behalf with your creditors to come to an agreement or settlement for a vastly reduced amount. This debt reduction is typically in the range of 50% and can be as high as 75% to 80%. Literally pennies on the dollar.

To learn more about debt settlement and other bankruptcy alternatives, please visit National Debt Relief Program at:

www.nationaldebtreliefprogram.org