Bankruptcy and marriage

If two persons join in a marriage contract, it is said that their two lives become one. While this is true with the affairs of the heart, it is unfortunately also when it comes to finances. In some cases, a married couple may find themselves entering complicated territory when bankruptcy is introduced into the equation.

Matters of marriage and bankruptcy often questions about who is liable for the debts, which creditors can reasonably expectto collect and what happens if the bankruptcy is filed before the marriage or after divorce. For many people it is often unclear what the effect of bankruptcy on their finances, if the marriage has taken into account in the equation.

Bankruptcy before marriage

If a person files bankruptcy stay before marriage, the judgments against the individual, as a rule with this person in the marriage. The spouse of assets are not affected in general, but all applications, be concerned for the common loans arefrom past bankruptcy. All actions require credit will be affected jointly by the bankruptcy, even if it was made before the marriage.

Bankruptcy during the marriage

If a person is married, but for individual files bankruptcy, the court is often on the finances of the person who filed a look, but also the spouse. A couple can also apply to the joint bankruptcy, file, in which the income and asset situation of both parties is usually thoroughlyreviewed.

Bankruptcy after a divorce

Divorce proceedings typically complicated matters, and such situations can be complicated by the bankruptcy. If a couple is divorced, the common property is often divided and is as special funds in the future. Divorce courts often determine whether the two people are still personally liable for joint debts, and if not, the non-registration spouse is generally not obligated to pay anything.

It is important thatany person who is considering filing for bankruptcy, the financial situation carefully and consult with legal counsel on any problems that may occur is taken into consideration. For more information on marriage and bankruptcy laws, visit the website of Boston bankruptcy attorney Joshua Spirn & Associates.