Takeaway: Timing is crucial when it comes to divorce and bankruptcy proceedings, as is knowing what to expect when the cases are closed.
In many cases, personal bankruptcy and divorce go hand in hand. Money is one of the top reasons that couples fight; therefore, money is one of the top factors in a divorce. Sometimes, couples cannot resolve their issues about money, and one or both spouses decide that the marriage is irretrievably broken. In this event, one or both spouses may file for a divorce to have the marriage dissolved. Unfortunately, if the spouses have accumulated a significant amount of joint marital debt (or they live in a state where marital debt is divided equally, regardless of whose name the debts are in), filing for divorce may only make the money problems much worse.