PULL YOUR CREDIT REPORT Pull your credit report before the divorce so that anything in dispute can be resolved before the divorce is final. There are three major credit reporting agencies: Experian, TransUnion and Equifax. Be sure to get a copy of your report from each of them. You can view all the reports one time per year at no charge. A website to request your credit reports is www.annualcreditreport.com. The reports are the quickest and easiest way to get an overview of the outstanding loan balances, mortgages and credit card debt that you and your spouse will eventually divy…
In today’s economic times, divorce and bankruptcy often go hand in hand. It’s important to know what role bankruptcy can play in a pending divorce suit.
You may be able to file for divorce while you have a pending bankruptcy filing and the court may render judgment on issues such as child support or conservatorship issues. Many courts will not award property while your bankruptcy is still pending and your divorce may not be finalized until the bankruptcy has been discharged.
If the court does allow your divorce to be finalized, bankruptcy can have an effect on the property and debts that were awarded in the final decree of divorce. Obligations entered into in a divorce settlement are considered non-dischargeable, which means they may not be discharged in a later bankruptcy filing. And while creditors can’t come after you for payment after you’ve filed for bankruptcy, they can go after your ex-spouse for payment for any community debts. That opens you up to financial liability to your ex-spouse even after your divorce is finalized.
The complexity involved in a joint divorce and bankruptcy make it imperative that you are represented by an attorney who is experienced in divorces involving bankruptcy. Please contact the Ramos Law Group, PLLC if you are interested in consulting with an attorney and obtaining more information.