Debt, bankruptcy and divorce

If a couple is deep in debt to the value of their assets and one spouse earns $100,000/year would it be beneficial to claim bankruptcy and would the income be liable for support payments after claiming if they separated? What order should things take place in?

One Response to “Debt, bankruptcy and divorce”

A licensed trustee said...

Unfortunately, based on the information you have provided, I can’t tell if bankruptcy would be beneficial for you and your spouse. It sounds that in addition to your financial difficulties, you may also have issues with your relationship.

If separation (or divorce) is a real possibility then I suggest you go and see a lawyer that specializes in family law. In my experience, it is more important to resolve your marital issues before you try and resolve your financial problems.

If you’d like to talk to someone regarding your finances anyway then it makes more sense to use the links on this website to find someone in your immediate area to converse with – it is either that or you will have to provide us with a great deal more information before we can help you here. The purpose of this site is to provide general information – not to analyze specific situations.