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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 10-04-2009, 12:02 AM
stuckinthecircle stuckinthecircle is offline
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Default Bankrupcy and seperation

hello, I am new to this site, I can clearly see that I am not alone in the world of financial issues after seperation. my x and I were together almost 9 yrs, have two children. about a year ago he quit his job and moved in his mother`s basement. Declared bankrupcy without talking to me about it, I was left with most of the bills that were in both names, left with the mortgage... etc... the seperation happened first, his bankrupcy happened 5 months later. Is it fair and legel that I would be responsible for all of it. I have managed to make most of it work out there`s one last debt that keeps collecting interest and feel that i should be held responsible for it. A month after declaring bankrup he got himself a well paying job and actually got married to his new girlfriend. Someone has financed him as he has a newly furnished appartment, new car... this just 4 months after declaring bankrupcy... does it make any sense?
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Old 10-04-2009, 02:32 AM
Stargate Stargate is offline
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For divorce purposes and equalization, all assets and debts are calculated as on the date of separation.
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Old 10-04-2009, 02:39 AM
Stargate Stargate is offline
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Quote:
Originally Posted by stuckinthecircle View Post
....A month after declaring bankrup he got himself a well paying job and actually got married to his new girlfriend. Someone has financed him as he has a newly furnished appartment, new car... this just 4 months after declaring bankrupcy... does it make any sense?
The assets he now has are almost certainly not in his name as it takes 1 year to be discharged from bankruptcy during which time you have to report all income, asset purchases, financial gifts, etc to the trustee in bankruptcy who has the right to appropriate them to pay off creditors. From the standpoint of divorce it is not relevant however.
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Old 10-04-2009, 02:47 PM
stuckinthecircle stuckinthecircle is offline
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so if he`s not rep├┤rting any of this to his trustee he`s basically free of everything... what about the debt I inhereted from stuff we had in both names?
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Old 10-04-2009, 04:29 PM
Stargate Stargate is offline
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Quote:
Originally Posted by stuckinthecircle View Post
so if he`s not rep├┤rting any of this to his trustee he`s basically free of everything... what about the debt I inhereted from stuff we had in both names?
From the standpoint of divorce:
All debts (and assets) as of the date of separation are divided in two. You will both need to file sworn financial statements in any divorce proceedings.

From the standpoint of everyday life:
His debts are now yours.
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Old 10-05-2009, 06:13 PM
stuckinthecircle stuckinthecircle is offline
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see we were never married but common law as we were together 9 yrs and had 2 children. Doesn`t the fact that he declared bankrupcy mean anything, I mean when he left he basically took his clothes and didn`t give a damn about anything else.
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Old 10-05-2009, 06:40 PM
stuckinthecircle stuckinthecircle is offline
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How is it that after seperation I inherit everything... the debt absolutely everything. he declares bankruptcy then he gets married and has brand new furniture in hjis new appartment along with a huge flat screen.... how does that happen, his new wife is financing him??? oh and we were never married.
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Old 10-05-2009, 07:40 PM
Stargate Stargate is offline
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Common law relationships are governed by different set of laws as to the division of assets and debts. You should research the subject - I am not familiar with the differences between married relationships and common law ones.

If you had common credit cards and he declared bankruptcy then the creditors can come after you and most likely will. Has nothing to do with divorce.
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