Bankruptcy Research Paper - 725 Words

Filing for Bankruptcy in Vancouver: How It Affects Your Spouse When you are struggling to manage your finances, you might consider a variety of options. Sometimes, filing for bankruptcy is the best choice. If you are insolvent, you may be contemplating this strategy. One important detail to keep in mind is how such a plan of action will affect your spouse. According to the results of a new study, 40 percent of Canadian marriages start off with financial debt. As a matter of fact, numerous couples begin their new lives owing more than $20,000. What does all of this mean for people who are married, planning to get married, or are in the process of getting separated or divorced? If you are currently getting debt help in Vancouver, this is a†¦show more content†¦When You Are Getting Divorced or Separated If you are contemplating a separation or divorce, you should be aware that you may have a more difficult time once you are paying bills as a single person. In fact, a split could actually cause you or your spouse to become insolvent, although you might not have been previously. Dissolving your marriage is sometimes the best or only choice you can make, however. In such cases, remember that bankruptcy and owing money can also have an effect on your divorce. Here is what you should know: †¢ Joint Debt: Charges that you would have both been liable for during your marriage are still jointly owed after a divorce. The only exception would be if a creditor chooses to absolve one of you from paying the bill. †¢ Child Support and Alimony: Legal insolvency will not apply to alimony or child support payments. You or your spouse must still pay these after filing for bankruptcy. In fact, one of the terms of your divorce might be that you or your spouse can keep specific assets if payments are made. Those payments will not be eliminated after a divorce, but the assets will likely be lost when you go legally bankrupt. †¢ Joint Bankruptcy: Even if you are separated or divorced, you can still file for bankruptcy together. If you cannot pay your debts as a couple because of the split, you may need to apply this strategy. Stay Informed and Get the Debt Help You Need in Vancouver You do not need to face your debtShow MoreRelatedThe Impact Of Retail Industry On The Retail Sector1660 Words   |  7 Pagesfailure of retail companies can lead to adverse impact on not only shareholders, employees but also the whole economy. Those are the reasons why the UK government has focused on the development of this industry and also made an effort to prevent the bankruptcy in the retail sector. 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