By- Anshu Dixit
Marriage is something people call as, marital contract, in which, their two lives become one. Although this is true in matters of love or in the movies, and it is somewhat true in personal finance as well. Divorce is something, which leads to many other problems such as attorney expenses, children’s responsibility, sharing of property and many more. In addition to all these, there is one thing that can be an impact of divorce “personal bankruptcy”. When every these kind of problems arises, a question raised by people often include issues about who is liable for which debts, what creditors reasonably expect to collect and what happens when bankruptcy is filled before and divorce.
There are many suggestions by specialist what to do in what case, such as what if a couple is planning to file a bankruptcy after divorce, than they need to consider things such as who is going to b more liable, how would the property matter will resolve and many more. In addition, laws are different if anyone is filing for bankruptcy before marriage or as an individual. Due to the recent economic crisis, most of the people are filing for personal bankruptcy but joint because then they can deal with the problem together instead of individually. There are some clues, which can tell you if you are leading towards “bankruptcy”, such as tightness of cash in house budget, shortness of cash, and many other cash related problems. There is consoling available to guide people through the whole process of personal bankruptcy, before or after filing the bankruptcy.