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.
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.
Before filing for bankruptcy, you must think about co-signed debts and how they may affect divorce settlements. It is always best to talk to your lawyer about this, especially if you also intend to file for bankruptcy after your divorce is completed. A proficient specialist can get your issue reviewed in detail before advising you on the best way forward.
In case the family courts order that you should receive a portion of the retirement benefits of your ex, you are likely to wonder how bankruptcy can influence this arrangement. The good news is that most states exempt pension monies during bankruptcy proceedings. This also means that your settlement will remain unaffected.
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.
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.
Before filing for bankruptcy, you must think about co-signed debts and how they may affect divorce settlements. It is always best to talk to your lawyer about this, especially if you also intend to file for bankruptcy after your divorce is completed. A proficient specialist can get your issue reviewed in detail before advising you on the best way forward.
In case the family courts order that you should receive a portion of the retirement benefits of your ex, you are likely to wonder how bankruptcy can influence this arrangement. The good news is that most states exempt pension monies during bankruptcy proceedings. This also means that your settlement will remain unaffected.
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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