Beverly Hills Bankruptcy Divorce Lawyer Barry Fischer
Many marriages end due to extreme financial distress coupled with a complete breakdown in communication. Economic pressure is often unrelenting, and an already shaky marriage can fall apart completely when dealing with a decline in income, a job loss, or the inability to pay the bills.
Beverly Hills Divorce Lawyer Barry Fischer has been advising clients about Bankruptcy & Divorce for over 30 years. A California State Certified Family Law Specialist who has represented thousands of clients throughout the course of his career, Attorney Barry Fischer guides his clients through the process of resolving not only their matrimonial issues, but also their financial troubles.
Contactthe Beverly Hills Law Offices of Divorce Attorney Barry Fischertoday at (310) 788-0900 to make an appointment for a free, in-depth consultation with one of our seasoned Divorce Lawyers. Located in Beverly Hills, The Law Offices of Barry Fischer represents clients throughout L.A. County.
Bankruptcy Considerations after Divorce
At the Law Offices of Bankruptcy Divorce Attorney Barry Fischer, when we are retained to represent a client in a divorce or complex divorce case, we give dual consideration to helping our clients resolve their matrimonial disputes, while meticulously evaluating what our clients’ financial outlook will be once their divorce is finalized.
By taking a proactive approach looking forward and analyzing whether filing for bankruptcy will be in our clients’ best financial interests, we are able to focus on achieving the most favorable outcome in their Family Law matter and Bankruptcy case.
Although debts are divided up and assigned to each party during property settlement negotiations or litigation, creditors are not bound by the ruling of the Family Law Court or your divorce settlement. As a result, creditors will often move forward with debt collection actions against both parties. If one spouse fails to pay their share of any debt that has been assigned to them, the other spouse will remain legally liable to satisfy the debt.
When a divorcing couple has been experiencing financial hardship prior to filing for divorce, it becomes practical to examine if the parties should file for joint bankruptcy prior to filing for divorce, or wait until after their divorce is finalized. If both parties know that filing for bankruptcy protection is inevitable, they own minimal assets, and the parties are able to remain civil enough to complete the bankruptcy jointly, they may want to file their bankruptcy petition first.
If the parties cannot agree to file for bankruptcy jointly, and one spouse petitions the Bankruptcy Court for relief after the divorce action has been filed but prior to finalization, an automatic stay is issued and the divorce action is put on hold pending authorization to move forward from the Bankruptcy Court.
Should one spouse file for bankruptcy on their own, Bankruptcy Court may discharge the filing spouse’s community property debt obligation, but the other spouse will still be held liable and creditors may pursue collection against the non-bankrupt debtor spouse.
The Law Offices of Beverly Hills Divorce Lawyer Barry Fischer provides advice to clients who are contemplating filing for both divorce and bankruptcy about the benefits, risks, and disadvantages of:
Filing for bankruptcy jointly or singly prior to filing for divorce
Filing for bankruptcy during divorce
Filing for bankruptcy after divorce
Procedural tactics that one spouse can utilize during divorce proceedings to ensure that their interests are protected in case their spouse files for bankruptcy after the divorce and property division issues have been finalized.
If you have made the difficult decision to divorce your spouse and you’ve been experiencing extreme financial hardship, it is crucial that you hire an experienced, highly qualified divorce lawyerwho possesses the skills necessary to completely analyze your financial circumstances and help you determine the best course of action to take.
Contact an Experienced Beverly Hills Divorce Bankruptcy Attorney
Contact the Law Offices of Barry Fischer by completing our Family Law Case Evaluation Form.A member of our law firm will contact you to schedule a free, confidential in office consultation.
For immediate help or answers to your questions about divorce and the effect of bankruptcy before, during and after your divorce, please call us today at (310) 788-0900. Conveniently located in Beverly Hills near Rodeo Drive, we represent clients throughout Los Angeles County.