Bankruptcy Or Divorce: What’s The Priority?

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Thanks to Mark Wortman, a top Kansas City divorce lawyer, for his recent post surrounding the "dance" between bankruptcy and divorce. In his Missouri Divorce and Family Law Blog, Wartman writes that it may be better to file bankruptcy before the divorce, in light of the following: Federal bankruptcy law will allow married couples to file jointly, eliminating the need for two separate bankruptcy filings and two separate attorney fees after the divorce; The parties can exempt (protect) double the amount of property if they file jointly; Most married couples have joint debt. Even though the divorce court can divide the debt, it cannot alter the contract with the creditor, « Continue »

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