Understanding Joint Debt During Divorce

When people talk about divorce proceedings and the division of property, they typically think of dividing up assets like homes, automobiles, furniture, and other items. However, there is another part of the division process that deals with dividing debts. This is a very important part of the divorce proceedings, especially if you are facing financial difficulties and bankruptcy.

Getting sole ownership of a large portion of debt can be detrimental to your financial stability. Filing for bankruptcy may be a good option to give a couple the chance to divide debts before divorce. If you are currently facing divorce and would also like to file for bankruptcy, contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, today at 480-829-0494 and schedule a consultation to discuss your legal options.

What is Joint Debt?

Debt that accumulated for the couple during the course of the marriage is subject to division. Dividing joint debt typically follows similar guidelines and rules as dividing a couple’s assets. Debt acquired before or after the marriage is the responsibility of the individual who took out the loan.

When you are considering divorce yet are facing financial problems, it is important to decide whether or not you should file for bankruptcy jointly or as an individual after the divorce is complete. A knowledgeable Arizona bankruptcy attorney can help you understand the benefits and disadvantages of each of these options.

Contact Us

Facing both divorce and financial difficulty can be a trying time in your life, but we are here to make the process as smooth as possible. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, today at 480-829-0494 to learn more about your options.