Comments on: Love and Marriage (and Bankruptcy), Part 2: Who Has to Pay for What After Divorce?

By: My Ex-Wife is About to File For Bankruptcy, Should I? | National Bankruptcy Forum

Tue, 12 Jan 2010 14:42:11 +0000

[...] detail. Having said that, a basic understanding of how joint debt will be affected when your ex-spouse files for bankruptcy is important. If you incurred credit card debt together or both personally guaranteed a mortgage, [...]

By: Moderator

Moderator — Tue, 29 Dec 2009 23:17:26 +0000

Hi Mark,

The situation sounds fairly complicated and I would not want to opine without knowing more of the facts. You will need to consult a bankruptcy attorney to discuss the situation in greater detail. Unfortunately, we cannot give legal advice on this site. In your area, I would recommend Eugene Malchionne who is an excellent debtor attorney (203)-757-3437. Be sure to tell him that you heard about him on National Bankruptcy Forum.

As far as the credit card debt goes, one spouse filing will leave the other on the hook for the total amount of the joint debt. Only the party who files will be relieved of jointly incurred credit card debt, so it may be necessary for both you and your ex-wife to file. As far as the home is concerned, keep in mind that the arrearages will eat into your equity. Be sure to discuss Connecticut’s homestead exemption with your attorney. Hope this helps.

By: Mark

Mark — Tue, 29 Dec 2009 15:09:55 +0000

Let’s suppose that the divorcing party had planned to file joint bankruptcy prior to divorce. However the process was taking too long, and the divorce court judge ordered divorce to go forward.
Male subject (me) will be ordered to pay alimony-no problem-not dischargeable-won’t even try. However there is about $40,000 CC debt with about 50% joint and 25% each individual debt. Assuming judge orders each to pay their own debts and splits the other 50%. I would like to file bk-chapter 7 for all my debt, but do not want to harm ex-spouse.

Do you have any suggestions as the best way to accomplish this? Perhaps getting the decree written in a certain way? (Divorce should be final mid-Jan.)(We are in CT)

Another issue is we will need to sell the marital home. There is currently approx $50,000-$60,000 in equity-but 5 months in arrears. Can we sell home-split the profits as judge will likely order, and still be able to file bankruptcy for CC debt, and use the equity for each of us to start our new lives?

Thanks

By: I’ve found a new job, will I still be able to file for bankruptcy? | National Bankruptcy Forum

Thu, 19 Nov 2009 03:28:52 +0000

[...] 7 bankruptcy protection implemented by Congress as part of BACPA in 2005. Under the new law, families that earn above the median income in their state must pass the means test in order to qaulify for [...]