Helping Clients Through Financial Difficulties During Divorce
It is a well-known fact that going through a divorce will be the most difficult time of a person’s life. The emotions are high and everything seems to be a battle with your soon-to-be ex. Through the divorce, you will eventually divide all community property assets, determine the amount of alimony/child support that will be paid monthly, and the amount of time that you and your soon-to-be ex will have with your children. However, what a lot of people don’t realize is the financial attribute that quite often links a divorce with a bankruptcy.
Here at Bains Legal, PC, we realize that finalizing your divorce is only one of the steps needed to begin moving forward in your life. The other step that people often forget is the financial aspect. For some, the financial difficulties have been going on for several years and may even have contributed to the demise of your marriage. For others, the process of a divorce has proven to be too costly to endure, racking up credit card debt, signing new residential leases, and even financing new cars. Sacramento Bankruptcy Lawyer Pauldeep Bains understands all aspects of bankruptcy law and specifically how it can help you during, before, or after your divorce.
My Ex Filed Bankruptcy
If your ex has already filed for bankruptcy relief and received his or her discharge, you too might want to consider using the bankruptcy code as a shield from creditors. Through your ex’s bankruptcy, he or she has eliminated all dischargeable debt that he or she was liable for. However, as is true for most marriages, both spouses are generally listed on all accounts and both are jointly and severally liable. Now that your ex has eliminated his or her obligation on those debts, the creditor will be looking directly at you for payment. If you are unwilling or unable to pay, a creditor’s general recourse is to bring a lawsuit against you for the full balance and if left unpaid, garnish your wages until they are paid in full.
Local Bankruptcy Attorney Pauldeep Bains will thoroughly analyze your case and determine if a bankruptcy will provide you with a benefit and avoid you having to pay thousands of dollars to creditors.
Child Support & Alimony
Even though a bankruptcy can provide numerous benefits in addition to your divorce, bankruptcy cannot eliminate moneys you owe for child support and/or alimony per your divorce decree. These debts are classified as non-dischargeable.
Why do I need to speak with a bankruptcy attorney?
The reason bankruptcies and divorce are often linked is because financial problems are often cited as one of the central reasons to a divorce. Through your divorce, you have physically separated yourself from your ex but that may not be enough. All of the joint obligations you and your ex took on together still need to be addressed. What are you going to do with the $20,000.00 credit card that your ex stopped paying on but your name is attached to? How about your ex’s car that was recently repossessed and now the bank is threating to sue you for the difference?
If these issues aren’t properly addressed, they will prove to be a thorn in your side at some point in the future. Attorney Pauldeep Bains devotes his practice of law to assisting people get out of financial setbacks, such as going through a divorce. Mr. Bains will carefully review your case and discuss with you what particular options you have. Mr. Bains will then advise you if a bankruptcy is in your best interest given the fact that you are going through or just went through a divorce.
Call us today at 916-800-7690 or send us a message online in order for to set your FREE consultation with local Bankruptcy Attorney Pauldeep Bains.
We help clients in the following areas: Sacramento, Elk Grove, South Sacramento, West Sacramento, Natomas, Citrus Heights, Antelope, Fair Oaks, Gold River, Rancho Cordova, Roseville, Rocklin, Lincoln, Wheatland, Yuba City, Marysville, Woodland, Davis, and Lodi.