Bankruptcy Attorney In Michigan Explains How A Petition Can Affect Divorce Settlements
by Christopher King
For the majorities of couples considering divorce and bankruptcy at the same time, Chapter 13 and 7 pose as the most appealing options. These Chapters allow them to reorganize their finances and get certain debts completely discharged while allowing them to catch up on other debts using a repayment plan that is court managed. It pays to work with a seasoned <a href="https://www.hashleylawplc.com/">bankruptcy attorney in Michigan</a> who can educate you on how your petition will affect the divorce settlements.
The family courts will make a ruling dictating how marital debts will be settled. This means that you may have certain obligations lying squarely on your shoulders. Before deciding to proceed and file a bankruptcy petition, you need to have a good understanding about the option that would work best for your specific situation. Make sure that your petition will not have an extensive impact on divorce settlements.
When filing for Chapter 7, you must understand that your child maintenance and support obligations cannot be discharged. Normally, your ex-spouse will still be able to legally demand for the unpaid child maintenance monies. In case you choose Chapter 13, you will get a chance to repay all arrears over time. Your former spouse will even so need to agree to the arrangements you propose.
Cosigned debts are considered marital debts and the courts could decide on who needs to settle them. Even so, they cannot alter the terms of the original agreement between a couple and the lender. This means that both partners will still be legally liable and you may find yourself exposed if your former spouse decided to file for bankruptcy.
Before filing for bankruptcy, you must think about co-signed debts and how they may affect divorce settlements. It is always best to talk to your lawyer about this, especially if you also intend to file for bankruptcy after your divorce is completed. A proficient specialist can get your issue reviewed in detail before advising you on the best way forward.
The family courts can also rule that you should get a share in the retirement savings or benefits of your ex. If the ex in question decided to file for bankruptcy, you may wonder how this will impact your arrangement. Fortunately, pension payments are exempted during bankruptcy proceedings in most states. Your settlement will hence not get affected.
In case the laws do not exempt the retirement funds of your spouse, you will still be safe. This is because only the share of the petitioner will be seized. The divorce order automatically gets ownership of your portion transferred to you. The settlement you are supposed to get will not be considered part of the bankruptcy estate of your former spouse.
It remains imperative for you to seek dependable legal representation, especially when sinking in debt and filing for divorce at the same go. For you to benefit from the best possible outcome, you need a lawyer who has an in-depth understanding of financial matters, family law and bankruptcy laws. Because of the complexities revolving around your issue, the need to hire a highly proficient attorney must not be underestimated.
You can get valuable tips on how to pick a <a href="http://www.hashleylawplc.com">bankruptcy attorney in Michigan</a> and more information about an experienced lawyer at http://www.hashleylawplc.com now.
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