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Free What Are The Effects Of Declaring Bankruptcy In Divorce Orange
- Location: Orange, California, United States
What Are The Effects Of Declaring Bankruptcy In Divorce
Filing for bankruptcy & divorce at the same time can be challenging to manage. Divorce can be an ideal solution for an individual or a couple, depending on their financial situation. A divorce will split your assets and will also split your debt. However, you might still end up paying for your spouse's share of the debt, depending on the terms of your divorce settlement.
Benefits of Declaring Bankruptcy In Divorce
In a typical divorce, a judge will split your assets and split the debt you & your soon to be ex-spouse incurred as a couple. However, you might still end up paying for more than your share of the debt in the following circumstances:
If your ex-spouse cannot pay the share of the debt, your creditors have all the right to collect the debt from you.
If your ex-spouse declares bankruptcy after your divorce, you may be expected to help pay for the share of the debt.
It is vital for you & your spouse to work together on financial issues, and if you meet certain conditions and circumstances, you might be able to declare bankruptcy before filing for divorce. This allows you to have some stability going into your future and allows you to have a fresh start.
You will also be more confident that your spouse is not hiding any debts that you will be held responsible for at a later date. However, it is essential to remember that you will likely be held solely responsible for any debts you incurred before your marriage took place. For a better understanding of legal rights & privileges, consult an expert divorce attorney at the earliest.
If you get into an unfortunate situation of dissolving your marriage, consideration to detail & willingness to fight for your rights are essential in getting started on a positive path toward your future. If you need an accomplished, dedicated, and inspiring lawyer to represent you, please call 1-714~733-7066, the law office of Jos Family Law, the top Santa Ana divorce attorney today.
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