Bankruptcy After Divorce: Ties You May Still Have With Your Ex

A simple divorce can place a lot of stress on any person, so once everything is finalized people finally can experience that breath of fresh air they had been hoping for . So what happens when after the divorce was finalized, your ex decides to file for bankruptcy? When going through a divorce, one of the basic and important steps to cover is the issue of debt. As you and your spouse are dividing your assets, it is also a good thing to establish who will be responsible for what after the divorce.

Creditors want their payments, and even if you and your ex no longer have the same last name, they will fight to get their money. Stating your specific terms in the actual divorce settlement is essential for having a court supported document when being attacked by creditors. In the even that you did not establish these grounds before the divorce, there is a chance that you may have to file for bankruptcy as well because it is tied to your name. While bankruptcy may not be the desired route for everyone, it is a process that will protect you from creditor harassment.

At this point, if the creditors are after you for the debt that he owes, you are responsible to pay because it wasn’t established in your original settlement. This is one of the reasons having an experienced divorce attorney on your side from the get go of the divorce process is essential.

If you are concerned with the debt that your ex has accrued, talk these things over with the attorney before the settlement, to help see to it that you are protected from paying unreasonable amounts for someone else’s debt. There can be no guarantees when it comes to debt and division of the assets, but by talking over your specific situation with an attorney will take you down the right direction. Contact Hutchinson Law today for more information!