Q: If husband files for bankruptcy prior to divorce will that affect how much I end up with?
A: It may depending on what property is included in the bankruptcy, however, this may be offset if the reason for the bankruptcy is your husbands dissipation of assets such as gambling.
A: The Bankruptcy Trustee is technically the trustee of all assets in the bankrupt estate. As such, any distribution is a divorce is subject to the trustee claiming non-exempt assets to pay creditors. However, your rights to those assets are also taken into consideration. You should speak to an attorney who deals with both bankruptcy issues and divorces.
A: Depending on the type of bankruptcy and the overall financial situation you could end up with more or less. This is not possible to answer in broad generalities.
Michael Francis Barrett agrees with this answer
A: If he files for bankruptcy, it depends on what assets he has and whether they are exempt. What also matters if you are joint or the debt or not. Sometimes if it preferable to file the bankruptcy while you are still married for many reasons. You can always call us for advice. Thank you.
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