Bankruptcy and Divorce

Money problems create a considerable stain on a marriage, so it is no wonder why bankruptcy and divorce often come hand in hand. But while you can dissolve a marriage contract relatively easily, debts incurred by a couple over the course of a marriage may be more difficult to ignore. Even if you have divorced your spouse and divided all the assets, you may still be responsible for debts acquired during the marriage.

Joint Bankruptcy before Divorce

If your ex is not able to pay their debts and has to file for bankruptcy, creditors may come after you for payment. And if you're not in a financial position to pay off these debts, it may lead you into bankruptcy as well.

Because of this, if you are at a stage where you are contemplating both bankruptcy and divorce, it may be in your best interest to first file for joint bankruptcy with your soon-to-be ex-spouse and only after you obtain the bankruptcy discharge, you proceed to file for divorce.

The joint bankruptcy will eliminate the debts that you -- as a couple -- incurred during your marriage, and it will prevent your creditors from pursuing you once your divorce has been finalized.

Bankruptcy during Divorce Proceedings

If you are in the middle of divorce proceedings and your spouse files for bankruptcy, be prepared for a delay in the division of assets and property. Your spouse will be granted an automatic stay that prevents you or the courts from dividing all property. The automatic stay will be in place until your spouse is discharged from their debts through bankruptcy court. This can significantly delay your divorce proceeding.

Bankruptcy and Alimony/Child Support

It is important to remember that though your ex-spouse may have already filed for bankruptcy, this does not mean that they can avoid paying alimony or child support. Bankruptcy does not eliminate domestic support obligations like alimony or child support.

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Next Step

With so many alternatives to managing debt, it is important to discuss all of your options with an experienced and knowledgeable professional.

Call us at 201-478-7412, or fill out the form below, to schedule an initial FREE phone consultation.

Our first conversation will simply be to talk about your financial situation and identify the best solution to fit your circumstances.

Whether you qualify for bankruptcy, need to respond to a foreclosure or other lawsuit from a creditor, we will provide you with valuable information for you to make an informed and educated decision that is most appropriate for your situation.

Law Offices of David Giller, LLC

1 University Plaza - Suite #412
Hackensack, NJ 07601
201-478-7412

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Disclaimers:

The Law Offices of David Giller, LLC is a debt relief agent and helps people file for relief under the U.S. Bankruptcy Code.

The information and materials on this website are provided for general informational purposes only and are not intended to be legal advice. We attempt to provide quality information, but the law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance. An attorney and client relationship should not be implied. Nothing on this website is intended to substitute for the advice of an attorney, therefore if you require legal advice please consult with a competent attorney licensed to practice in your jurisdiction.

The Law Offices of David Giller LLC is located in Hackensack, New Jersey. We represent clients in legal matters related to bankruptcy, foreclosure defense, debt settlement, Fair Debt Collection Practices Act violations, Fair Credit Reporting Act violations and other debt related matters. We represent clients from Allendale, Alpine, Bergenfield, Bogota, Carlstadt, Cliffside Park, Closter, Cresskill, Demarest, Dumont, East Rutherford, Edgewater, Elmwood Park, Emerson, Englewood, Englewood Cliffs, Fair Lawn, Fairview, Fort Lee, Franklin Lakes, Garfield, Glen Rock, Hackensack, Harrington Park,Hasbrouck Heights, Haworth, Hillsdale, Ho Ho Kus, Leonia, Little Ferry, Lodi, Lyndhurst, Mahwah, Maywood, Midland Park, Montvale, Moonachie, New Milford, North Arlington, Northvale, Norwood, Oakland, Old Tappan, Oradell, Palisades Park, Paramus, Park Ridge, Ramsey, Ridgefield, Ridgefield Park, Ridgewood, River Edge, River Vale, Rochelle Park, Rockleigh, Rutherford, Saddle Brook, Saddle River, South Hackensack, Teaneck, Tenafly, Teterboro, Upper Saddle River, Waldwick, Wallington, Washington Township, Westwood, Woodcliff Lake, Wood-Ridge and Wyckoff.