Full question:
My husband and I are thinking of signing a separation agreement. We do not understand the part of the agreement on bankruptcy (see below). Our question actually is as follows: if after signing the separation agreement one of the parties files for bankruptcy, is the other party still held liable by the court for the debts that the bankrupt party made?
- Category: Bankruptcy
- Date:
- State: National
Answer:
To the extent of any obligation contained herein is discharged in bankruptcy and the non-bankrupt party is held liable for said debt, the non-bankrupt party shall have the right to petition a court of competent jurisdiction for spousal support in an amount sufficient to cover any amounts so discharged.
Liability is possible. If one spouse files for bankruptcy and the other does not, and spouses are jointly liable on a debt, the spouse that did not file for bankruptcy can be held liable for the debt.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
