BANKRUPTCY AND DIVORCE
According to the State of Florida "A divorce will not be granted by the state unless one of the following conditions is met:
The marriage is irretrievably broken
One of the parties is mentally incapacitated. Certain requirements for this condition are listed here under (1) b
Based on this evidence presented at a hearing, the court will place a petition for dissolution of marriage if there is no minor child from the marriage and if the responding party does not deny the marriage is irretrievably broken."
If you are facing massive debts and the dissolution of your marriage together, than you need to understand the relationship between bankruptcy and divorce, and how these legal processes can affect you. A divorce decree typically divides marital property as well as debt. Filing for bankruptcy can greatly complicate a divorce and might result in unexpected financial losses. At BCN, our divorce attorneys in Lake County Florida can help you discern the relationship between the two.
BANKRUPTCY MIGHT NOT REMOVE DIVORCE RELATED DEBTS
Within your divorce decree, if it requires you to pay alimony or child support, you might not be able to discharge those debts through a bankruptcy. Also, you might be required to turn over assets or property as a condition of the settlement to your spouse; you’ll likely still have ownership to outstanding debts. There are few exceptions to these rules, and some depend on whether the debt is viewed as a form of support or as a property settlement.
DISCHARGING A DIVORCE BEFORE BANKRUPTCY MAY MAKE MATTERS EASIER
In your divorce decree, if assets are divided before the bankruptcy runs its course; your creditors might only require your share of the assigned debts. In some instances after the facts of your case is shown, you might opt to file for a joint bankruptcy. After the bankruptcy finalizes than you can file for the divorce. Once the bankruptcy is over, creditors won't be able to come after either of you for most old debts. Understand that if this is what you choose to do than understand that sometimes the bankruptcy may take up to five years to complete.
SOME PROPERTY YOU OWN MAY BE SAVED
Under certain aspects of Florida bankruptcy laws some of your assets and property may be protected from creditors no matter the amount you owe. In some cases you can keep your primary home and a car up to a certain dollar value. You might also be allowed to keep part of your household items. These items and the amounts that you can keep are determined by current bankruptcy laws, which change from time to time. Know that a divorce court is not obligated to respect these rules. That is why our Lake county Florida divorce attorneys at Boyette, Cummins and Nailos offer a free consultation. You should know your complete rights under Florida divorce law and reap your full benefits.
LAKE COUNTY FLORIDA DIVORCE LINKS
When bankruptcy meets divorce
What you need to know about divorce
State Of Florida Divorce Guide
If you are entering the deep waters of a Florida divorce do not try to "go-it' alone. The council of an expert Lake County Family Law Attorney is invaluable. Contact our offices at 855-LAW-2020 to schedule a free consultation. "Know Your Attorney. Know Your Options."