Divorce And Bankruptcy In Georgia
In today’s economy, many couples are struggling with debt. Divorce puts further strain on a family’s finances. After a divorce, the income and assets that supported one household now must support two.
Located in Atlanta, the law office of Jody A. Miller provides creative and effective legal counsel to clients throughout north Georgia. For more than 25 years, attorney Jody Miller has been helping clients manage their debt and structure sound divorce settlements that help protect clients if their ex-spouse files bankruptcy after the divorce.
Dividing Debt During Divorce
When couples have large amounts of debt, it may be wise to obtain legal counsel regarding filing for bankruptcy before initiating divorce proceedings. In some cases, the discharge of debt prior to filing for divorce might lead to a fresh start for both parties after the divorce.
No matter what the terms of your divorce decree, if debt is held in both parties’ names, collection agencies can look to both spouses for repayment. In the event your ex-spouse files for bankruptcy, creditors might look to you alone for repayment of joint debts.
Experienced Divorce Lawyer Helping Clients Structure Safe Divorce Settlements
When an ex-spouse files for bankruptcy, the operation and enforcement of divorce settlements can be affected. When bankruptcy papers are filed, an automatic stay prevents all creditors from collecting from the debtor during the pendency of the bankruptcy proceeding. This includes ex-spouses.
However, there are protections built into bankruptcy laws. In certain instances, collection of alimony and child support payments might not be prevented during bankruptcy or the bankruptcy court may lift the automatic stay.
At the law offices of Jody A. Miller, we help clients structure divorce settlements to help ensure that they are protected if their ex-spouse files for bankruptcy.