Transcript for Divorce Advice: Bankruptcy – Top Divorce Lawyer Marilyn Stowe
If you think that there are very serious financial issues, and it’s fair to say that coming out of recession more people do tend to go bump than during one, then you must take legal advice straight away to discuss your own situation.
It makes sense to get in first and get your finances resolved if the marriage has broken down. If the spouse goes bankrupt during the proceedings then the question is: is it wise to continue or is it better to wait until the spouse comes out of bankruptcy?
Your claims and an award don’t disappear once the spouse is made bankrupt so they still stay in play. Sometimes people think: “If I go bankrupt I can get out of my obligations on divorce”. No, you can’t.
However, assets might reduce so therefore, if you think your spouse is facing bankruptcy or might try the bankruptcy trick to avoid paying out, get legal advice as quickly as you can.
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