Working Through Bankruptcy And Divorce

The financial impact of divorce is often devastating. Spouses who shared assets and income during a marriage are forced to divide assets and live on a single source of income. For many individuals, the only way to deal with the financial challenges posed by divorce is bankruptcy.

If you are contemplating divorce, in the process of getting divorced or recently divorced, the assistance of a knowledgeable bankruptcy lawyer can be an invaluable asset.

Debt Issues In Divorce

Bankruptcy can provide debt relief to individuals who are going through the process of divorce in a variety of ways. With a Chapter 7 or Chapter 13 bankruptcy, you may be able to:

  • Stop a home foreclosure
  • Discharge credit card debt and other consumer debts
  • Discharge certain financial responsibilities resulting from a divorce. Child support debts may not be discharged, but certain marital debts may potentially be discharged through bankruptcy.

Avoid Legal Pitfalls

If you file for Chapter 7 bankruptcy, a trustee will be appointed who will carefully analyze financial transactions that have occurred within the last 90 days prior to the filing of your bankruptcy petition. Any transaction that has occurred within the last year prior to your filing that involves a brother, sister, parent, business partner and other select individuals will also be subject to close scrutiny.

Transactions showing preference of one creditor over another could potentially be subject to an avoidance action in which the trustee may seek to void the transaction. If you are contemplating bankruptcy, consult with an experienced bankruptcy lawyer who can help you understand your legal rights and responsibilities.

Get Counsel To Resolve Your Family Law And Financial Matters

Whether you need debt relief before, during or after a divorce, we can help. To schedule a consultation, contact the Law Offices of James V. Sansone at 707-623-1875 or send us an email.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.