Buckhead Divorce Lawyer: Can you incur your ex spouse’s debt after filing bankruptcy?
Are you contemplating filing bankruptcy as well as divorce? It is definitely not a pleasurable experience for the individual doing so. It has been seen that divorce and debt are inter-related and financial problem takes a toll on their personal life. Often the couples split up because of the financial problems that lead to misunderstanding. You might have to suffer for the debt that your spouse has incurred. Therefore, you can avoid marital split ups by paying off your debt by hiring debt consolidation services or declaring bankruptcy. You can suffer mental setback when you draft your divorce petition as well as file bankruptcy. Here are a few points that can guide you to make this journey smooth and help you get back on the right financial track.
1. Couples are equally responsible for the debt they have incurred during their marital life. If your spouse has filed divorce petition you are still liable to pay the owed amount that you both have incurred during the marriage. If your partner decides to file bankruptcy ensure that you both mutually agree on it. Otherwise any one of the partners will be solely responsible to pay off the entire debt. A couple can jointly declare bankruptcy so that they both can discharge the debt that they have jointly incurred during their marital life.
2. Generally, when the couples file divorce and bankruptcy then they have to undergo partition of marital properties as well as individual property and it can be a traumatizing experience. The marital property shall be used to pay off the debts when you discharge your post marital debts through bankruptcy. Try to exempt your personal property from bankruptcy and maintain evidence so that your spouse does not claim it as a marital one.
3. Few property of your spouse can be used as a security lien and this will help to avoid financial damage for your partner. This property can be liquidated to pay off for your spouse’s debt. You can request the court to consider it as support payment in case the spouse fails to make the payment in accordance with the court order.
When you draft divorce petition ensure that you include your life insurance policy in it. The lender can file a lawsuit against you to retrieve your spouse post divorce debt. Therefore, if your ex-spouse files bankruptcy then this order can help you get protection from the lenders.
Both divorce and bankruptcy is never considered to be a pleasurable experience for either of the partners. Financial crisis can be a prime reason for your separation. Therefore, if you keep in mind the above mentioned points in mind then you can both tactfully and maturely manage to discharge your debt. So remember that divorce can never be a solution to your financial problems rather it helps to aggravate crisis.
Buckhead Divorce Lawyer