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Summary: Because of reform in the bankruptcy laws, filling for bankruptcy due to a divorce, in order to get out of paying alimony or for the divorce, is no longer allowed. Learn about the credit situation that must be present in order to file for bankruptcy with information from a family lawyer in this free video on bankruptcy.
Robert Todd is the managing partner and president of Robert M. Todd, P.A. and Family Law Solutions. He is a certified family mediator and Florida Supreme Court-certified civil...read more
Finance, whether personal or corporate, refers to money management. By creating a personal budget and managing money, one can organize personal finances to avoid debt caused by frivolous spending. When a surplus of money is formed, investing is an option that makes money work harder. Investing varies from low-risk certificates of deposit to high-risk stocks. Being smart with money can create a healthy savings for the future or retirement, while avoiding problems such as bankruptcy. In this free video series on finance, an experienced family lawyer explains the ins and outs of bankruptcy. Learn how to file for bankruptcy and get information on Chapter 7 bankruptcy. Find out how to get credit cards, credit loans and house loans after filing for bankruptcy. Learn about claiming student loans on bankruptcy proceedings and get information on who can file for bankruptcy.
"You recently received papers in the mail that your spouse is filing for divorce against you. And to make matters worse with the declining economy you have found that each month more and more difficult to pay your debts to the point where now you are not paying your debts. So you are considering filing a response to the divorce action and possibly filing bankruptcy. You don't know which way to go. Hello I'm Robert Todd and I'm here to answer the question what considerations do you have with respect to divorce and bankruptcy. Well before the bankruptcy reform act that was enacted in two thousand four, there was some way of discharging debts arising out of a dissolution of marriage or divorce. Which was thought to be somewhat of a loophole. The amendments to the bankruptcy act have closed that loophole, if you will, and today those obligations that arise for the most part out of a dissolution of marriage are not dischargeable. So the question is more whether you have a credit situation that dictates filing bankruptcy regardless of whether you're going through a divorce. I'm Robert Todd and thank you for watching."
eHow Article: About Divorce & Bankruptcy