Financial trouble plays a role in many divorces. Often, one or both parties are considering filing bankruptcy at the same time the couple is contemplating divorce.<\/p>\n
Each spouse is equally responsible for debts incurred by either party while married. Debts will be divided equally between the two divorcing parties, but if one spouse becomes delinquent on payments, the creditor can legally try to collect the entire debt from the other.<\/p>\n
Consider a couple who divorces and splits debts, after which the former husband files for bankruptcy. In this case, his former wife remains liable for the entire debt, not just her half. She can use the divorce agreement to compel her husband to pay his share, but if the husband simply cannot pay it, and the wife cannot pay the entire obligation, she remains stuck in debt.<\/p>\n
In order for both the husband and the wife to escape the debt, they must both declare (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Financial trouble plays a role in many divorces. Often, one or both parties are considering filing bankruptcy at the same time the couple is contemplating divorce. Each spouse is equally responsible for debts incurred by either party while married. Debts…<\/span><\/p>\n