Your Divorce Decree and Bankruptcy Divorced debtors considering bankruptcy are often concerned about agreements they made in their divorce decree. The good news is that if the divorced debtor's financial situation has changed in a way which warrants bankruptcy, they may be able to discharge certain debts. Those debts they are unable to discharge may [...]
How to Protect Your Credit During a Divorce Living in Texas, a community property state, married couples are exposed to the liability of debts accumulated by their spouse. Credit card debt is one of those areas where couples going through a divorce are particularly vulnerable. Below are a few tips on protecting yourself: Once you [...]
Divorce Related Debts In Bankruptcy Generally speaking a debtor cannot discharge in bankruptcy debts that are categorized as "domestic support obligations. What are domestic support obligations? Alimony Child Support Or other debt that is accrued because it is related to supporting the spouse or offspring of the debtor. However a debtor may be able to [...]
Divorce can be a very difficult life transition; but going through bankruptcy after a divorce has its on set of challenges. Below are three tips for surviving bankruptcy after a divorce: Work with a good bankruptcy attorney who has experience working on bankruptcy cases involving divorce. Be sure to share all the pertinent information about [...]
The divorce rate in America is hovering around 50 percent, so if you're married, you've got a 50/50 chance that it will end in divorce. Unfortunately, the divorce is usually just the beginning of a divorced individual's troubles. After divorce a whole slew of money troubles can develop that put you deep into a financial [...]
We've spoken briefly about bankruptcy and marriage; but how do you reduce your chances of experiencing the type of financial mistakes that could send your newly formed family to the bankruptcy court? Tips on preventing post-marital financial blues: Consider maintaining a separate savings account for personal spending and a joint bank account for the expenses [...]
Going through a Divorce and Bankruptcy at the Same Time Finances are one of the biggest points of contention between divorcing couples. But going through a divorce and bankruptcy at the same time can create some special challenges that debtors need to be aware of. Below are a few tips on how debtors can successfully [...]
Whether you're the debtor considering bankruptcy or an ex-spouse of a debtor who is considering bankruptcy, any divorce settlement agreement made right before a bankruptcy filing could be impacted by the rules governing bankruptcy. Bankruptcy After Divorce Here are few things you should know: If an ex-spouse decides to file bankruptcy after a divorce settlement, [...]
Debtors who owe domestic support obligations such as child support and alimony will not be able to discharge those debts in bankruptcy. However, a debtor who owes back child support or alimony may be able to use bankruptcy to make repaying those debts easier. For example, in a Chapter 13 bankruptcy a debtor who owes [...]
In the bankruptcy case of Larsen, David M.; In re, the bankruptcy court refused to redirect the debtor's funds held by a state court for the support of the debtor's minor children to other creditors. The details of the bankruptcy case: The debtor's former wife filed for divorce in 1999. During those proceedings, the debtor [...]
