Top 15 Lies About Bankruptcy. Lie #12: Bankruptcy Leads to Divorce

29 Oct Top 15 Lies About Bankruptcy. Lie #12: Bankruptcy Leads to Divorce

Lie #12: Bankruptcy Leads to Divorce.

Truth-o-Meter:

While this is possible, in fact, usually, it works just the opposite.

For people with financial issues that are causing problems in their relationship, filing bankruptcy is not the problem. The problem is not being able to pay your bills. The problem is being called at all hours by debt collectors. The problem is being afraid to go to the mailbox because of the dunning letters. All good, honest, hard-working people feel a strong desire to pay their bills, and not being able to do so causes them tremendous stress. Unless you do something to relieve this stress, it can build to the breaking point….and in some cases, the breaking point of your marriage.

Bankruptcy is designed to get you out from under the heavy weight of debt and collectors, to protect your property and to lower your stress level. If your experience is like that of other couples, you will find that filing bankruptcy and lowering the stress level can be a crucial first step in bringing the love and caring back into your relationship….which, in turn, gives your marriage a fighting chance.

My colleague, Rachel Lynn Foley, wrote an excellent blog talking about the stresses that debt can place on a marriage, and how bankruptcy impacts it. It’s well worth the reading. And the changes to the Bankruptcy Code in 2005 called “BAPCPA” can even penalize couples remaining married when they file for bankruptcy, as this article by Wendell Sherk shows.

So if you’re in financial difficulties, don’t worry about whether bankruptcy leads to divorce; worry about whethernotfiling for bankruptcy will lead to divorce.

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Brett Weiss, a senior partner at Chung & Press, LLC, represents people and businesses in all phases of bankruptcy. He has experience in complex individual Chapter 7, Chapter 11 and Chapter 13 bankruptcy cases, and in Chapter 11 small business restructuring and reorganization. Mr. Weiss lectures nationally on bankruptcy issues. He has testified before the Federal Bankruptcy Rules Committee, the Consumer Financial Protection Bureau, and has twice testified before Congress on bankruptcy and credit issues. Brett Weiss is the co-author of Chapter 11 for Individual Debtors, and has written Not Dead Yet: Bankruptcy After BAPCPA, for the Maryland Bar Journal, as well as hundreds of blogs for the Bankruptcy Law Network. With his law partner, he recorded a 13-hour basic bankruptcy training series, and leads intensive three-day Chapter 11 training boot camps. Mr. Weiss has received international media attention in connection with his work. He was interviewed by Barbara Walters on The View, has appeared on the Today Show, Good Morning America, ABC News with Peter Jennings, the Montel Williams Show, National Public Radio, AARP-TV, the BBC World Service, German state television, and numerous local radio and television programs, and been quoted in Money magazine, The Washington Post and The Baltimore Sun, among others. Brett Weiss is the Maryland State Chair for the National Association of Consumer Bankruptcy Attorneys, a founding member of the Bankruptcy Law Network, on the board of the Maryland State Bar Consumer Bankruptcy Council, and a member of the American Bankruptcy Institute, the Bankruptcy Bar Association of Maryland, and the Civil Justice Network. He has been recognized as a “Super Lawyer” every year since 2007 for Maryland and the District of Columbia, and in 2011 received the Distinguished Service Award from the National Association of Consumer Bankruptcy Attorneys for his work on behalf of consumers across the country. Mr. Weiss is admitted to practice before Maryland and District of Columbia federal and state courts, the United States Courts of Appeals for the DC, Fourth and Eighth Circuits, The United States Tax Court, and the Supreme Court of the United States, and has been practicing law since 1983.
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