Do Not Lose Sight of Financial Obligations during Divorce

A divorce is a very troubling and trying time for couples, financially and emotionally. Unfortunately, persons going through a divorce can lose sight of long term finances and just try to get the divorce finalized as quickly as possible. Financial hardship is often cited as a reason couples divorce, but that does not mean that once your divorce is finalized you no longer have an obligation to creditors you borrowed from during your marriage-at least your share of it.

Creditors typically do not care how the bills are paid, simply that they are paid. If you and your spouse signed up for a credit card or financed a home or a vehicle together, you are both still on the hook if the bill is not paid.

An agreement in a divorce for one or both parties to pay these debts is legally binding and collectable. Any and all debt you agreed to pay while married will still hold true following your divorce, additionally, if your divorce decree says that you must pay certain debts, you may or may not be able to get rid of those debts in bankruptcy. That is why talking to a bankruptcy attorney with experience is so important.

If you are going through a divorce and are concerned about financial obligations, it is wise to contact a bankruptcy attorney in addition to a divorce attorney.

Benjamin Brand Services-Chicago bankruptcy attorneys.

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