Friday, November 30, 2007

Divorce and Bankruptcy

Unfortunately, especially with the way that the real estate market is at this time, bankruptcy and divorce go hand in hand. Many people wonder what type of debts get canceled out in a bankruptcy and which liabilities they will continue to be responsible for. The main thing to remember is that child support and alimony payments, including any arrears are not dischargeable in bankruptcy. If you are trying to get out of having to pay arrears on either of those things, bankruptcy is not the way to go.

For a more thorough article on bankruptcy and divorce, see the following:

1 comment:

Anonymous said...

Need some advice. I went through a divorce. We had two homes. She got one home and 16,000.00. I was given the other home. Mortage for my home is in her name. (Both our names on deed). I paid 10,000 or 16,000 off with a balance of 6000.00 She was ordered to sign a quick-claim deed when balance was paid. She now is wanting to file bankruptcy. Will this have any affect on my home since it is still in her name with a deed and a mortgage but divorce decree says it goes to me.