For the majorities of couples considering divorce and bankruptcy at the same time, Chapter 13 and 7 pose as the most appealing options. These Chapters allow them to reorganize their finances and get certain debts completely discharged while allowing them to catch up on other debts using a repayment plan that is court managed. It pays to work with a seasoned bankruptcy attorney in Michigan who can educate you on how your petition will affect the 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.
Your child maintenance responsibilities cannot be discharged. In fact, your ex can pursue arrears at any time if you file under Chapter 7. This means that to recover unpaid monies, your wages may even be slashed by the courts. Filing under Chapter 13 will on the other hand offer you a chance to pay child maintenance arrears over time. You even so need to convince your ex to agree with the arrangements you suggest.
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 the laws within your state do not free the retirement benefits of the petitioner, you will still be on the safe side. Normally, only what belongs to the petitioner can be seized. This is because the divorce decree will automatically transfer ownership of your portion of the benefits. What legally belongs to you will not be viewed as part of the estate of your ex.
The need to find reliable legal representation should not be underestimated, especially if you are filing for divorce and struggling under unmanageable debts at the same time. In this case, you need an attorney who understands bankruptcies, family law and various other practices such as finance. Given the complexity of your matter, you need to have a top rated lawyer in your corner.
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.
Your child maintenance responsibilities cannot be discharged. In fact, your ex can pursue arrears at any time if you file under Chapter 7. This means that to recover unpaid monies, your wages may even be slashed by the courts. Filing under Chapter 13 will on the other hand offer you a chance to pay child maintenance arrears over time. You even so need to convince your ex to agree with the arrangements you suggest.
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 the laws within your state do not free the retirement benefits of the petitioner, you will still be on the safe side. Normally, only what belongs to the petitioner can be seized. This is because the divorce decree will automatically transfer ownership of your portion of the benefits. What legally belongs to you will not be viewed as part of the estate of your ex.
The need to find reliable legal representation should not be underestimated, especially if you are filing for divorce and struggling under unmanageable debts at the same time. In this case, you need an attorney who understands bankruptcies, family law and various other practices such as finance. Given the complexity of your matter, you need to have a top rated lawyer in your corner.
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