Experienced Counsel When Family Law And Bankruptcy Issues Intersect
Debt and divorce can be very connected. Whether overwhelming debt was the source of a divorce or a divorce led to overwhelming debt, managing the aftermath of both issues can be extremely stressful.
At the Law Office of Marla Zide, LLC, our attorneys have nearly five decades of combined experience in family law and bankruptcy. When both issues intersect, the consequences can be damaging. We assist in navigating debt and divorce to enable you to move forward and uncover an efficient resolution.
How Does Divorce Affect Bankruptcy?
Whether debt existed before or after a divorce, the dissolution of a marriage can introduce new financial obstacles, including:
- Child support. You may be responsible for paying or receiving monthly child support payments, which are determined according to state guidelines.
- Spousal support. You may either receive or pay monthly alimony payments on a limited or infinite basis.
- Division of property and assets. Maryland’s equitable distribution guidelines fairly split property, assets and debt owned by one household into two.
- Debts such as child support payments, alimony and family maintenance, and debts that arise out of a marital separation agreement or divorce decree are generally not dischargeable in a bankruptcy.
This is why it is extremely important to consult with an experienced attorney right away before you agree to anything. Proper planning is critical to an informed and successful outcome in your legal matter.
Additionally, equitable distribution guidelines do not only divide items like your home and retirement assets. They also split any debt that is marital property or owned by both spouses. Even if your spouse accumulated much of the debt, after a divorce, you may be held responsible for some of it.
Knowledgeable Guidance Throughout An Uncertain Time
A divorce attorney also experienced in bankruptcy law can provide a distinct advantage to your legal matters, particularly if you have existing financial trouble. Bankruptcy can offer refreshing debt relief to those who wish to resolve their insurmountable debt and stop the consistent harassment of creditors.
We will identify realistic options for you to move forward financially, including filing for bankruptcy or requesting a modification to court orders. Whether you are facing a divorce or are newly divorced with overwhelming debt, we will provide you with the compassionate and knowledgeable guidance necessary to make informed decisions.
Discuss Your Legal Matters With A Lawyer
Bankruptcy and divorce matters can be sensitive and emotional to confront. Schedule an initial consultation at our Glen Burnie office to learn how we can assist. Call us at 443-557-4153 or contact us online.