Chapter 7 bankruptcy can be one of the best options for individuals or divorcing couples who find themselves in a troubling financial situation, but there are several factors that need to be considered when deciding whether to declare bankruptcy before or after divorce.
Debt and Divorce
Divorce can affect every part of your life and the lives of your family. Finances are no exception. When you decide to get divorced, it’s important to prepare for the effects it will have on your credit score.
These are a few examples of how funds become commingled during marriage. The more money you have, the more property you buy, the more likely you are to commingle funds.
It can be difficult figuring out how to survive financially after divorce. Take control of your finances by using the following tips.
How does the Ontario Family Law Act protect people from debts incurred though crime during a divorce? Read on to find out.
It’s virtually impossible to get student loan debt discharged in a bankruptcy, so you’re stuck with it – which can exacerbate your other marital issues. In fact, more than a third of student loan borrowers claim that debt contributed to their divorce.
Following a divorce, parties must determine the division of both assets and debts – including any debt consolidation loans that may have been received during the marriage.
Making a budget and stopping impulse shopping are just two ways to save money after divorce. It’s a good start – but you still have a way to go!
Handling finances when married is hard enough. Adding separation into the mix can make financial management even more difficult. Before you and your spouse begin splitting finances during separation, keep the following advice in mind.
Don’t leave money on the table during divorce! By understanding property division on divorce, and knowing what property can and cannot be included in the marital estate, you will have a better chance of getting your fair share.