Chapter 13 and 7 are appealing options for couples with money problems who also want to get divorced. The laws under these chapters provide a chance for them to get their finances reorganized and certain debts discharged. What is left can then be settled through a court managed repayment plan. Hiring a competent bankruptcy attorney in Michigan will enable you to get crucial information about the ways a petition can impact your divorce settlement.
The family court will determine how marital debts will be shared. You may hence find yourself with new financial obligations that will lie squarely on your back. Based on your precise situation, you need to know which type of bankruptcy suits you best. Ideally, you want your petition to have the least possible impact on the divorce settlement.
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.
It is possible to avoid the chances of lenders coming after you because of debts that your ex should settle. If you are in money problems and your marriage is also failing, talk to a lawyer before choosing a course of action. The attorney will review your matter and determine whether you should file for divorce before bankruptcy, or vice versa.
A divorce proceeding could result in you getting a portion of the retirement benefits or savings of your spouse. Again, it is normal to worry about the manner in which bankruptcy can affect this arrangement. The good news is that in most states, pension payments are fully exempted during bankruptcy proceedings and therefore your settlement may not be affected.
If the laws within your state do not free the retirement benefits of the petitioner, you will still be on the safe side. Normally, only what belongs to the petitioner can be seized. This is because the divorce decree will automatically transfer ownership of your portion of the benefits. What legally belongs to you will not be viewed as part of the estate of your ex.
Filing for divorce and bankruptcy is not an easy matter and there are more than a few major complexities that will be involved. It pays for you to see the full picture of how things will turn out, before you even make your first step. For you to save yourself from unwarranted headaches, choose to hire an attorney who is well-versed with bankruptcy laws, financial matters and family law.
The family court will determine how marital debts will be shared. You may hence find yourself with new financial obligations that will lie squarely on your back. Based on your precise situation, you need to know which type of bankruptcy suits you best. Ideally, you want your petition to have the least possible impact on the divorce settlement.
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.
It is possible to avoid the chances of lenders coming after you because of debts that your ex should settle. If you are in money problems and your marriage is also failing, talk to a lawyer before choosing a course of action. The attorney will review your matter and determine whether you should file for divorce before bankruptcy, or vice versa.
A divorce proceeding could result in you getting a portion of the retirement benefits or savings of your spouse. Again, it is normal to worry about the manner in which bankruptcy can affect this arrangement. The good news is that in most states, pension payments are fully exempted during bankruptcy proceedings and therefore your settlement may not be affected.
If the laws within your state do not free the retirement benefits of the petitioner, you will still be on the safe side. Normally, only what belongs to the petitioner can be seized. This is because the divorce decree will automatically transfer ownership of your portion of the benefits. What legally belongs to you will not be viewed as part of the estate of your ex.
Filing for divorce and bankruptcy is not an easy matter and there are more than a few major complexities that will be involved. It pays for you to see the full picture of how things will turn out, before you even make your first step. For you to save yourself from unwarranted headaches, choose to hire an attorney who is well-versed with bankruptcy laws, financial matters and family law.
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