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Divorce and Bankruptcy

Divorce is a difficult time for both parties involved. Just as the division of assets and property must be managed, liabilities are also divided. Sometimes the final property settlement for each spouse includes more debt than one or both individuals can handle. If you are thinking about divorce, you may want to consider filing for bankruptcy before dissolving the marriage and dividing property.

LawyerASAP handle clients with heavy debt, contemplating divorce. Consult with us prior to filing for divorce to mitigate unnecessary financial liabilities from the marriage. We will thoroughly explain every phase of the bankruptcy process and help you explore all legal remedies within the law as it pertains to married couples. If you cannot file joint bankruptcy we can help you eliminate or restructure debt so that the final settlement is more manageable.

One Spouse Accepts Debt

As part of the divorce settlement, your spouse may accept your part of the joint debt. Even if this happens, your name will still be on every loan and credit card agreement the two of you ever shared.

If your spouse fails to make the agreed upon payments, you are still liable in the eyes of the creditor. Even if you explain your financial arrangement to lenders who attempt to collect from you, this is usually of no consequence. Because of this, it is critical that your name is removed from loan and credit card agreements before your divorce is final.

If You Have Accepted the Debt as Part of Your Settlement

Once you accept the marital debt within the divorce settlement, it is difficult to have it discharged through Chapter 7 bankruptcy. Bankruptcy courts usually consider it as part of the spousal support responsibility. Because child support and alimony cannot be discharged under bankruptcy code, you must reduce or eliminate any other debt before you and your spouse divorce.

Explore your options for bankruptcy and debt relief before you file. You may not be able to eliminate some debt after the fact.

If you’re considering divorce, contact LawyerASAP to consult with a bankruptcy lawyer today at, (844) 330-2727.

We offer debt relief solutions in compliance with U.S Bankruptcy Code.

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