When to Declare Bankruptcy
When someone takes out a loan or applies for a credit card, they are the only ones responsible for that debt. However, if you are married, it is possible that your spouse can be pursued by creditors for debts incurred during your marriage.
In order to figure out if your spouse can be held liable for the money you owe, it is important to understand how debt laws work in relation to marriage. Generally speaking, when one spouse accumulates debt during a marriage and then files for divorce, both spouses may be held accountable and their assets could be used as collateral. For example, if one of you has a large amount of credit card debt and you both file bankruptcy together after getting divorced, then each of you will have to pay part of the shared debts. This means that regardless of who originally incurred the debt in question, both parties are liable for repayment.
The main Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706