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The Intersection of Bankruptcy and Divorce

In Separation & Divorce, Wealth by Sarah Hink

Financial struggles and marital problems often go together. Relentless harassment from creditors, the inability to make ends meet, maxed out credit cards, and selling personal property just to pay off interest penalties can be a very real source of turmoil in a relationship. Regardless of whether either spouse is actually to blame, the stress and anger of the situation can easily become a catalyst to arguments and general unhappiness that can break the relationship. If you and your spouse are considering a divorce and have overwhelming debt, it is important to speak with an attorney about the implications of bankruptcy on your divorce. Chapter 7 Bankruptcy Chapter 7 bankruptcy is among the most popular forms of debt relief. Essentially, a qualifying debtor who cannot repay her or his debts relinquishes …