Dividing Debt After Divorce

For many people, the word “divorce” brings to mind arguments over who gets the house, the couch, the cars, and other possessions. However, during a divorce, it is not always assets that must be divided. In many cases, separating couples must also divide their debt so that they can still pay their creditors.

In some cases, couples may decide to file for bankruptcy as they file for divorce so that they can put a halt to the majority of creditors seeking payment. However, you should rely only on an experienced bankruptcy attorney to help you with this part of your separation. To discuss your case, contact an experienced Boston bankruptcy lawyer from Joshua Spirn & Associates today at 800-975-5346.

What Happens to Your Debt?

During divorce, debt must be divided much like assets. Generally, the same rules apply to debt as they do to property. For instance, a person who came into a marriage with outstanding student loans is often individually responsible for those loans, while a person who comes into a marriage with property is still the owner of the property after divorce.

Additionally, any debt incurred jointly must be divided accordingly. This is generally true even if one member of the marriage had a secret spending problem, or if part of the debt is for something that only one spouse wanted.

Contact Us

Sometimes, filing for bankruptcy during a divorce is good for couples, while others should avoid having bankruptcy on their financial records. To learn more about the right way to handle debt during your divorce, contact the Boston bankruptcy lawyers of Joshua Spirn & Associates at 800-975-5346 today.