Filing for bankruptcy is not something you do every day. Obviously, you have made a big decision in choosing to file, and you want the process to go well.
To that end, here are five mistakes that you should avoid when preparing to file bankruptcy:
3 considerations for divorcing same-sex couples
The legalization of gay marriage brought much joy and overdue validation to the LGBTQ community. In the years since the 2015 ruling, though, many of the couples who joyously married have found themselves facing divorce. The divorce rate among gay couples is not drastically different than that for straight couples, but there are some key differences that the former should take into consideration.
According to Time, both male and female same-sex couples outearn straight couples by a significant margin. Because divorce is an inherently financial matter, this means that gay couples should pay attention to the following financial and legal implications of ending their marriage.
A separation agreement may simplify your divorce
Divorce is never pleasant, and it can be extremely stressful and complicated.
A separation agreement can clarify and resolve major issues, lessen anxiety and simplify what would otherwise be a long, drawn-out parting of the ways.
How will your job change affect your child support payments?
In the state of New Jersey, the court looks at several factors to determine the amount of child support a parent should pay.
However, changes happen throughout life. For example, if you experience a career change that affects your salary, the financial contribution you make to support your son or daughter may be affected, too.
Helping your children adjust to post-divorce life
Divorce is tough on everyone, and if you are facing the break-up of your family, you are obviously concerned about the effect it will have on your children.
No matter how you and the other parent will feel about each other after the divorce, your focus must be on helping your children adjust to the inevitable changes in their lives.
Are you eligible to file Chapter 7 bankruptcy in New Jersey?
If you are struggling under a mountain of debt, you may be considering bankruptcy protection. However, the filing process is more restrictive today than it once was.
Keep in mind that to be eligible for Chapter 7 bankruptcy in the state of New Jersey, you must be able to pass the means test.
Property division is easier when you are well prepared
If you are facing divorce, you are probably experiencing some anxiety over the process of property division. The more assets you have, the more the anxiety level increases.
However, if you make practical preparations in advance, going through property division will not be as onerous a task as you anticipate.
