If A Couple Decide To File For Bankruptcy Separately, Before Or After The Divorce, Can The Same Attorney Represent Both Spouses In The Bankruptcy Or Are Separate Attorneys Recommended?
Separate attorneys are definitely recommended if a couple decide to file for bankruptcy separately before or after divorce. If you’re going through a divorce, no matter how amicable it is, you have competing interests. Just as an attorney can’t represent both sides in a divorce as a bankruptcy attorney, you wouldn’t want to have potentially adverse clients represented at the same time.
What Can I Do To Protect Myself If My Spouse Files For Bankruptcy? How Is That Going To Affect My Credit?
If you have joint debts with your spouse and they file a bankruptcy, it is going to negatively impact your credit even if you continue to pay on the debts.
If you have a joint debt, if there is any way to refinance, and that particular debt can be put in just your spouse’s name, that might help you with your credit after your ex files a bankruptcy.
What Are Some Examples Of Debt That Would Be Accrued In A Divorce Case? Can Those Debts Ever Be Discharged In A Bankruptcy Case?
Your divorce attorney’s fees can be discharged in a bankruptcy.
What Are The Key Areas That Need To Be Considered If You Or Your Spouse Is Going To Be Filing A Bankruptcy After A Divorce?
You want to make sure you are not taking dischargeable debt and converting it into non-dischargeable debt. For example, if you agreed to make payments to your wife instead of paying a mortgage, that could be construed as alimony instead of just agreement to pay the mortgage. Whereas your obligation to pay the mortgage is just a regular debt which could probably be discharged.
You just want to make sure that you’re not taking debts that can be gotten rid of and turning them into alimony or child support, which can be a very complex issue. That’s why you definitely want to talk to an attorney before filing a bankruptcy or getting divorced.
What Kind Of Issues Can Come Up In Bankruptcy And Divorce Cases?
There are a lot of issues. If you and your spouse have been married for very long and you don’t have any assets and no children, then a bankruptcy is probably not going to affect the divorce too much. However, if you’ve been married a long time and you have a lot of assets together, it can become very complex.
There are a number of Issues That Come Up In Bankruptcy And Divorce Cases. For information, call the law office of Attorney James Logan for a free initial consultation at (855) 4MD-BANK and get the information and legal answers you’re seeking.