Your Attorneys When Bankruptcy And Divorce Issues Overlap
For many couples, money and debt problems can cause or at the very least precipitate a divorce. At Gentry Arnold PLLC, our team of attorneys is experienced in handling a variety of bankruptcy issues, including those moments when family law and bankruptcy overlap.
Eliminating Certain Types Of Marital Debts Through Bankruptcy
An important aspect of any bankruptcy is determining the appropriate time to file. If you are going through a divorce, numerous aspects of your proceedings — such as the division of your marital property, spousal support (alimony) and child support payments — will be delayed as the automatic stay goes into effect and the state courts wait for federal bankruptcy proceedings to be resolved.
As your attorneys, we can help you plot the best course of action for relieving your debt burden and moving through your divorce. We will explain joint and individual bankruptcy filings, outline the best time to file in relation to your divorce, and explain what types of debt can be discharged.
What Happens To The Debts My Former Spouse And I Share If One Of Us Files For Bankruptcy After The Divorce?
It’s highly likely that both you and your former spouse are named on any debts you incurred during your marriage. If your former spouse files for bankruptcy after the divorce, you may be held solely liable for any joint debts your former spouse discharged. Furthermore, for those with family businesses, the bankruptcy and divorce process can be incredibly complex as business, personal and marital assets become entwined. Our attorneys understand the issues facing business owners as well as individuals and can provide solutions to resolve matters quickly and effectively.
It’s also important to understand that most debts incurred through a divorce agreement or court order cannot be discharged. Regardless of whether you file for Chapter 7 or Chapter 13 bankruptcy, child support and spousal maintenance will remain during filing and after your other debts have been discharged.
The Experience And Resources To Guide You Through Your Financial Challenges
When you work with our bankruptcy lawyers, you will have an opportunity to ask questions, gather information specific to your circumstances and come away with a clearer understanding of your options. We handle both divorce and bankruptcy matters, and we can offer advice as you navigate either process.
We are a debt relief agency. We help people file for bankruptcy under the U.S. Bankruptcy Code.