Bankruptcy Attorneys on Division of Debts in Divorce
Just as property and assets must be divided in a divorce in California, debts must also be divided. If you are contemplating divorce and bankruptcy, you may have questions about division of debt that only a bankruptcy attorney can answer. At the bankruptcy law firm of Weintraub & Selth, APC, in Los Angeles, we have decades of experience helping people who file for bankruptcy as they also go through the divorce process. We have the resources and the experience to be your guides and your advocates in even the most complex divorces.
Call us for a candid and confidential consultation regarding the division of debt in divorce and how such division of debt impacts your bankruptcy case: (310) 584-7702 or toll free (866) 572-2423. Whether you have filed for divorce and are now considering bankruptcy or you are considering bankruptcy before you file for divorce, call us to get answers and advice.
Debt incurred during the course of a marriage is considered “community claims.” Meaning that while only the spouse who signed for the obligation is personally liable, the creditor can satisfy its judgment from community property. Credit cards, mortgages, auto loans and other types of debt are typical community claims. Where both spouses have signed for a debt, the creditor may pursue both even where the divorce court assign the debt to just one spouse.
Debt may be divided equally or unequally depending on the specifics of the case. Divorcing parties may agree on the division of debt or a judge may assign the debt. A court may assign a more significant amount of the debt to one party or the other. Of course, not all cases are the same and you should discuss the impact of a debt division with an experienced bankruptcy attorney.
Many of our clients turn to us with questions regarding debt division, divorce and bankruptcy. Many of these clients turn to us before they have filed either divorce or bankruptcy. If you are able to contact us while you are contemplating bankruptcy and divorce, we have a chance to implement an effective and efficient strategy for you. However, we also have many clients who contact us well after they have been divorced with questions about how a bankruptcy will impact their divorce decree and support arrangements. Finally, you should contact us if your spouse has filed bankruptcy.
Our attorneys are prepared to answer your questions and protect your best interests no matter what your situation may be. Contact us online or call our Los Angeles law firm for the answers and advice you need about division of debts, bankruptcy and divorce.