Posts Tagged ‘divorce and bankruptcy’

The Legal Aspects Associated with Bankruptcy and Divorce

Things can become very complicated if you have to deal with both bankruptcy and divorce at the same time. There is so much drama involved that mistakes are very much likely to happen, no matter how hard you try to avoid the same. If you have ended your marriage and now filing a petition to be declared as bankrupt, you must carefully plan everything.

Divorcing Your Partner Does Not Mean A Break From The Joint Debts

You are liable to pay for the joint debts even after divorcing your partner. Both of you still owe the same, especially the unsecured debts, such as credit cards. Even if you never used the cards, if it was taken jointly in the name of both the spouses, you may start get collection calls to pay the same. Therefore, while you are dealing with the divorce proceedings, it is very important for you to address all these issues thoroughly. If there are joint debts, both you and your spouse will be liable for it – there’s no easy way out.

Dealing with Secured Debts

When you have to deal with both bankruptcy and divorce, it can put you in a very painful situation. Luckily, things are not as complex when it comes to handling secured debts. Whether it is a mortgage loan or a car loan, most possibly, only one partner is going to keep the car or the home when divorce takes place. So, you can easily make a mutually agreeable decision in this regard that which partner is going to keep the properties and how the other partner is going to be compensated.

Closing And Freezing Of Accounts

In case you still have some joint accounts active even after you have divorced your partner, you may consider closing or freezing all those accounts immediately to stop further financial bleeding. Once you do this, you must gather relevant documents in proof of your claim that you should not be liable for these accounts anymore because the marriage has dissolved.

Overall, as we can see, dealing with both bankruptcy and divorce can be a troublesome task. Therefore, hiring an experienced lawyer to help you with this can prove to be a nice idea.


Custom Search
Bankruptcy

Basic Things You Must Know About Bankruptcy Dismissal

When you file a petition for bankruptcy and the court rejects your petition on certain grounds, it is legally termed as bankruptcy dismissal. Dismissal means your case is officially closed and that the court will make no further rulings on your case. Some of the most common reasons why a petition is...

Bankruptcy
Credit Repair

Building Credit With No Credit

When it comes to building credit with no credit, there are several online canadian pharmacy factors that you need to take into account. Just because you do not have any credit history at present, it does not mean you will never have one. No one is born with a readymade credit history. You have to gi...

Credit Repair

A Loan To Defeat All Loans Debt Relief Loan
Payday loans fax-free payday loans and instant online payday loans are everywhere be it on the Internet newspapers or television. Today when the economy is in turmoil these loans look like the saving gra... Read more

Tips On How To Consolidate Payday Loan Debt
You may need to consolidate payday loan debt when you are caught in the middle of a financial crisis arising out of your inability to repay multiple loans. Debt consolidation loan allows you to consolidate all... Read more

Do Not Put Up With Debt Collectors Harassment
There was an emergency and the need arose to take a payday loan. It seemed to be the fastest and the best option available then. However now the debt collectors harassment is horrendous. The fact that using t... Read more

Consolidate Payday Advances To Save Yourself
Payday advances are loans taken against a persons paycheck. They have a way of digging into your paycheck month after month. They usually have exorbitant interest rates though the sites offering the services... Read more

Can I Consolidate Payday Loans
Can I consolidate payday loans is a question you are sure to ask yourself when faced with a trying financial situation. When payment of loans becomes difficult it is possible to consolidate and replace many... Read more

What are the pros and cons of debt consolidation?