Marriage and Debt

A five year study of the 2005 Bankruptcy Reform Act conducted by The Institute For Financial Literacy paints a picture of who files bankruptcy, and why.  Do you see yourself in this picture?   Women file bankruptcy more than men, by about 52 to 48 per cent, but the gap narrows with an increasing per […]

If you’re thinking of filing for bankruptcy without your spouse, follow these steps to avoid pitfalls. Filing for bankruptcy means disclosing your assets, property, debts, and household income. For most people, that’s a fair trade-off for getting out of debt. But if you’re married, you may not be comfortable with the impact on your spouse. […]

The United States Bankruptcy Code clearly states that domestic support obligations such as alimony and child support are not dischargeable in bankruptcy.  Section 523(a)(5) excepts from discharge a “domestic support obligation.”  But what about attorney’s fees awarded to the spouse who is awarded this support? Often, when a state court awards child support or alimony […]

One of the leading causes of marital conflict involves money, or lack thereof.  If you and your spouse filed a joint bankruptcy and you are now considering divorce, your respective financial positions may be at odds with each other.  One person may want the house, one may not.  Both may want the same vehicle.  Who […]

When I meet with a married couple that are considering a Chapter 7 bankruptcy, one major consideration that needs to be addressed is whether or not to file for both, or only one of the spouses. I practice in Louisiana.  Louisiana is a community property state.  This means that all the assets acquired after the […]

The shocking realization is that your spouse might have to contribute to your Means Test – required payments even if you file alone.   You aren’t happy about this at all.  “But they’re my debts.  Why should my husband or wife have to contribute?”  Because that’s the law.  Your income includes all regular contributions to the […]