Baltimore & Towson Lawyer Discuses Divorce and Bankruptcy
There are a number of issues that arise during a divorce. The more common problems that many separating and/or divorcing couples face concern both pre- and post-divorce financial issues. In fact, the reason that some couples choose to separate and ultimately divorce is often related to monetary problems. And as your Baltimore and Towson divorce lawyer knows, individuals often seek to file bankruptcy in conjunction with the divorce. Bankruptcy and divorce are two very separate and distinct legal processes; however, the two can intersect in ways that individuals should take into consideration.
It should come as no surprise that divorce and bankruptcy often go hand in hand. For example, a couple may be divorcing because of financial issues that caused them to make the decision to file for divorce in the first place. On the other hand, the divorce process itself might leave a party in such a bad financial situation that he or she might need to file for bankruptcy protection as a result.
What You Need to Know About Bankruptcy and Divorce
Parting couples should note that filing for bankruptcy protection in the midst of a divorce can possibly slow the divorce down considerably. This is because a judge in the divorce proceeding will be permitted to rule on issues concerning child support and/or custody, and alimony payments while the bankruptcy is taking place. However, your Baltimore and Towson divorce lawyer will tell you that the court will not be able to make decisions with respect to any property over which the bankruptcy court has control. Still, in Maryland, if a couple files bankruptcy jointly, they may get to double their total property exemptions, and if they file prior to the divorce, the bankruptcy will likely allow them to keep more of their own property in the long run.
With regard to debts incurred jointly, some individuals consider filing bankrupt in order to eliminate certain debts that were part of the divorce. If that is done, the creditors will not be able to collect payment from the filer; however, they can still seek payment from the non-filing ex-spouse. Quite often, the spouse who ends up having to pay those debts will attempt to get payment from the non-paying spouse by taking him or her back to divorce court.
Something else that individuals in Milford Mill should take into account is that filing bankruptcy will not and cannot eliminate certain debts. For instance, if the divorce court orders an individual to make certain payments to the ex-spouse in exchange for certain property, that debt cannot be wiped out by filing Chapter 7, but they might be able to be included in a Chapter 13 filing as part of the payment plan. Also, with respect to alimony and child support payments, those cannot be eliminated by any type of bankruptcy.
The laws governing bankruptcy and divorce can be a bit complex. That is why divorcing individuals are encouraged to contact a skilled Baltimore and Towson divorce lawyer at the Law Offices of Amar Weisman, LLC as soon as possible to learn more about their rights and options under the law.
Call (410) 321-4994 For a Free Consultation
Call The Law Offices of Amar S. Weisman at (410) 321-4994 to schedule a Free Consultation. The Purpose of the consultation is to determine whether you want to retain this law firm as your Baltimore County & Harford County Family Lawyer. If you do wish to proceed, then you must pay a retainer. See Our Policy on Fees and Costs. The family firm is located next to The Circuit Court for Baltimore County, at 1018 Dulaney Valley Road, Towson, MD 21204.
