What Happens to Property if My Spouse Files Bankruptcy?

When a spouse decides to file bankruptcy, all property acquired during the marriage becomes a part of the bankruptcy estate.

That property may be sold by the bankruptcy court in order to repay debts, depending on which type of personal bankruptcy is filed (Chapter 7 or 13).

But don’t panic—in many bankruptcy cases, most property is considered exempt and the debtor gets to keep all or most of his or her assets.

In any case, you and you’re spouse’s property may not be divided by the divorce court until the bankruptcy trustee decides whether the property is exempt.

Bankruptcy & the Automatic Stay: Could it Help Me?

When a person files bankruptcy, they receive the protection of the bankruptcy automatic stay, which is a legal order that prohibits creditors from trying to collect on most types of debt.

Do you need help from the divorce lawyers Knoxville trusts? Call us today for a free consultation with an experienced and qualified attorney.

Are you struggling with bankruptcy? You can speak to a Knoxville bankruptcy attorney at no charge and with no obligation. Simply call us today to set up an appointment.

Need help with a divorce? Call today for a free consultation.

Looking for a professional and experienced divorce lawyer in Knoxville? You’ve come to the right place.

We know a divorce can be an emotional and trying time for anyone. Sometimes it’s more pleasant than others depending on the circumstances that surround your divorce case. But with our firm, it doesn’t matter whether your divorce is contested or not. We’ll help reduce the burden on you and look out for your best interests.

Our law firm takes pride in providing our clients with a personalized solution to any family law scenario. Our attorneys are experienced, professional and genuinely interested in you. We treat each client’s case as if it were our own and it shows in the quality of our work.

About Tennessee Divorce Laws

Divorce proceedings typically start with establishing ‘grounds’ for divorce. In other words, what has caused the two parties to seek a divorce. Twenty years ago, it was a requirement to prove legal grounds in order for a divorce to be granted. For example, adultery and cruelty would have been considered grounds for a divorce.

Today, however, divorces are most commonly granted under irreconcilable differences, which is Tennessee’s version of a no-fault divorce. If the former couple can’t reach agreement to file under irreconcilable differences then there must be some allegation on other grounds. These might include drug use, drunkenness, bigamy, cruelty, etc. Generally this is avoidable as most parties agree to follow a no-fault divorce case.

Divorce can be a difficult for even the best of people. In nearly all cases, emotions are running high, trust may have been violated, and it’s very possible for someone to lose control. Worries about money, safety, or certain assets only add to the growing frustration. There could also be questions surrounding child custody, child support, alimony, and so on. The bottom line is that there is a lot at stake in a divorce, especially if it’s a contested divorce.

Why Call Us?

That’s why it pays to work with a firm that is experienced in divorce cases and dedicated to getting the best results possible for you. We’re that law firm. We’re the divorce lawyers Knoxville turns to for help.

Do you need to speak to a Knoxville divorce attorney? Call us today to set up a free consultation. It won’t cost you anything to discuss your case with us. There is no obligation by taking advantage of this offer. We serve all of East Tennessee, so call us today to speak to an attorney at no charge.

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