People in New Jersey who are experiencing serious financial hardship often also experience marital or other relationship troubles at the same time. This is actually quite logical given the stress that can accompany being under a mound of debt. Couples who are considering getting divorced but who may also be thinking about bankruptcy will need to decide which one of these life events they tackle first.
When it comes to thinking about filing for bankruptcy before filing for divorce, The Balance indicates there are some situations in which this may be beneficial for both spouses. People who file a joint bankruptcy will enjoy greater levels of exemptions than people who file single bankruptcies. This may allow them to keep some of their assets that may otherwise be lost in a traditional Chapter 7 bankruptcy.