The decision to file bankruptcy will depend on many outside factors such as income, household size, and status of your marital debts.
Bankruptcy and Divorce
The decorations have all been packed away, and all that’s left of the holidays are the bills. Is it time to start worrying about how you’re going to cover your debts?
It’s been 22 years since seventies icons Burt Reynolds and Loni Anderson ended their marriage, but Reynolds only recently finished paying off the divorce settlement – with interest.
John J. Gilligan, a family lawyer in Long Beach, answers: The filing of bankruptcy does not discharge a child support order. Child support must still be paid by the bankrupt party in the amount set forth in the family law court order. John Gilligan is a founding partner at the family law firm offices of […]
New Jersey couples that are considering or experiencing divorce can benefit from learning as much as possible about the financial aspects of divorce, including equitable distribution of assets and debts. Couples with significant assets or a stake in a business may face particularly complex challenges in dividing their marital property. Another important financial consideration in […]
What happens in a case of shared debt? For instance, if one spouse started a business during the marriage and lost money, are both of the spouses equally responsible for that debt?
The threat of a potential bankruptcy is, in all too many divorces, a real one that should not be ignored. Recognize the warning signs and learn how to protect yourself.
There’s no denying that divorce can be a costly process – from the influx of legal fees to the loss of income caused by splitting one household into two, you simply can’t ignore the financial burdens associated with ending a marriage. So, regrettably, it’s not surprising that many individuals filing for bankruptcy name divorce as […]
When considering whether to file for bankruptcy or to divorce first, there are some initial decisions to consider by yourself and some more complicated issues that you may want to discuss with a qualified attorney. Before you are divorced, you and your spouse are eligible to file bankruptcy jointly. As a joint bankruptcy typically […]
Getting a handle on your bills may seem like just another item on your overwhelming “To Do” list, but this problem is one you can tackle one step at a time.