Kentucky Dischargeable Debt Lawyer
Divorce is a highly emotional issue that can take a toll on an entire family, much as financial difficulties can. When both are occurring, individuals may be at a loss as to how to proceed. When divorce is an issue and bankruptcy may be looming, it is important to consult with an attorney. Whether you are already in the midst of a divorce or considering filing for divorce, a bankruptcy lawyer can advise you of your rights and options.
At the law office of Richard A. Schwartz, Bankruptcy Attorney, our firm offers clients information and education on related divorce and bankruptcy issues. We have handled all types of bankruptcy matters for over 25 years in Louisville, Kentucky, and New Albany, Indiana.
If debts are eliminated through a bankruptcy filing prior to finalizing the divorce, that will be one less issue the parties need to address in the divorce.
If you are thinking about divorcing, bankruptcy may need to come first. Some strategic consideration must be given to the timing of the bankruptcy, as it may be beneficial to deal with the debts first and then file for divorce.
It is also important to understand that if you are divorced and file for bankruptcy, there may be some impact to some of the agreements made during the course of your divorce. Most issues arising from the divorce are not dischargeable, such as child support, but others may be. We can assess your case and advise you of your options for dealing with bankruptcy as a divorced individual.
Hold Harmless Agreements
A hold harmless agreement is an agreement that is made between the parties during the divorce process. This agreement details who will pay which creditors and which party is responsible for certain debts. The other spouse is "held harmless" in the debts that he or she is not contracted to be responsible for. However, creditors are not bound by hold harmless agreements. They can still go after one party or both parties to recover the money that they are owed. It is important to know this, as filing for bankruptcy before entering into any agreements may help both parties prevent excessive harassment from creditors.
Contact a Louisville Divorce and Bankruptcy Lawyer - not a divorce lawyer, needs to change the phrasing
To learn more about divorce and bankruptcy matters, in Kentucky call 502-638-2441, in Indiana call 812-399-0959, and toll free in either at 866-270-4495 or simply contact us online to set up your free initial consultation with one of our New Albany or Louisville bankruptcy attorneys. Evening, weekend and in-home appointments are available for your convenience.
