Divorce and Bankruptcy
Divorce is a strenuous experience for all parties involved. Not only do the division of property and assets have to be managed, but so do the liabilities. In some cases, the property settlement amounts to more debt than either one of the individuals’ can pay back. If you are considering divorce, it is advisable to to file for bankruptcy prior to signing divorce papers.
Our attorneys at ZocLaw.com are well versed in representing individuals with insurmountable debt, considering divorce. We will walk you through every step of the bankruptcy process and discuss in detail all legal remedies that relate to married couples.
It is important to keep in mind that even if your spouse accepts his or her part of the debt, your name will still appear on every credit card and loan agreement shared. This means that if one spouse defaults on a payment, a creditor may seek relief from the other spouse. As such, it is essential to to remove your name from any loan and credit card agreements before dissolving your marriage.
In the event that you have accepted the joint debt within the divorce settlement, it will be considered to be spousal support and may not be discharged under a Chapter 7 bankruptcy.
If you are contemplating divorce and have a considerable amount of debt, please consult with one of our bankruptcy lawyers today.