Couples battling with marital and financial problems may consider filing for bankruptcy and divorce at the same time. In this case, Chapter 7 and 13 are the most appealing options to consider because they can enable you to reorganize your finances and even get some debts discharged. It is also possible to get into a court approved repayment plan for you to gradually recover from money problems. A proficient bankruptcy attorney in Michigan and dispense information about ways a bankruptcy petition can influence divorce settlements.
The family courts will make a ruling dictating how marital debts will be settled. This means that you may have certain obligations lying squarely on your shoulders. Before deciding to proceed and file a bankruptcy petition, you need to have a good understanding about the option that would work best for your specific situation. Make sure that your petition will not have an extensive impact on divorce settlements.
Under Chapter 7, obligations related to child support and maintenance are not discharged. Your former spouse can pursue unpaid support and possibly have your wages garnished. Under Chapter 13, the child support arrears can be paid over time, although your ex will have to agree on the proposed arrangements.
Joint debts are usually looked at closely during divorce proceedings. The courts help to determine who should settle the debts in question though the terms and conditions of the agreement between you and your lender will remain unchanged. In short, if the spouse responsible for settling these co-signed debts files for bankruptcy, the creditor can still pursue you for payments.
It is possible to avoid the chances of lenders coming after you because of debts that your ex should settle. If you are in money problems and your marriage is also failing, talk to a lawyer before choosing a course of action. The attorney will review your matter and determine whether you should file for divorce before bankruptcy, or vice versa.
A divorce proceeding could result in you getting a portion of the retirement benefits or savings of your spouse. Again, it is normal to worry about the manner in which bankruptcy can affect this arrangement. The good news is that in most states, pension payments are fully exempted during bankruptcy proceedings and therefore your settlement may not be affected.
If retirement benefits are not exempted, only the share of the petitioner will be garnished. After all, the passed divorce order will transfer ownership of your portion of these benefits. As the bankruptcy courts pass their ruling, they will only consider the estates of your ex, meaning that only what the petitioner owes will be seized.
It remains imperative for you to seek dependable legal representation, especially when sinking in debt and filing for divorce at the same go. For you to benefit from the best possible outcome, you need a lawyer who has an in-depth understanding of financial matters, family law and bankruptcy laws. Because of the complexities revolving around your issue, the need to hire a highly proficient attorney must not be underestimated.
The family courts will make a ruling dictating how marital debts will be settled. This means that you may have certain obligations lying squarely on your shoulders. Before deciding to proceed and file a bankruptcy petition, you need to have a good understanding about the option that would work best for your specific situation. Make sure that your petition will not have an extensive impact on divorce settlements.
Under Chapter 7, obligations related to child support and maintenance are not discharged. Your former spouse can pursue unpaid support and possibly have your wages garnished. Under Chapter 13, the child support arrears can be paid over time, although your ex will have to agree on the proposed arrangements.
Joint debts are usually looked at closely during divorce proceedings. The courts help to determine who should settle the debts in question though the terms and conditions of the agreement between you and your lender will remain unchanged. In short, if the spouse responsible for settling these co-signed debts files for bankruptcy, the creditor can still pursue you for payments.
It is possible to avoid the chances of lenders coming after you because of debts that your ex should settle. If you are in money problems and your marriage is also failing, talk to a lawyer before choosing a course of action. The attorney will review your matter and determine whether you should file for divorce before bankruptcy, or vice versa.
A divorce proceeding could result in you getting a portion of the retirement benefits or savings of your spouse. Again, it is normal to worry about the manner in which bankruptcy can affect this arrangement. The good news is that in most states, pension payments are fully exempted during bankruptcy proceedings and therefore your settlement may not be affected.
If retirement benefits are not exempted, only the share of the petitioner will be garnished. After all, the passed divorce order will transfer ownership of your portion of these benefits. As the bankruptcy courts pass their ruling, they will only consider the estates of your ex, meaning that only what the petitioner owes will be seized.
It remains imperative for you to seek dependable legal representation, especially when sinking in debt and filing for divorce at the same go. For you to benefit from the best possible outcome, you need a lawyer who has an in-depth understanding of financial matters, family law and bankruptcy laws. Because of the complexities revolving around your issue, the need to hire a highly proficient attorney must not be underestimated.
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