A divorce brings with it wide-ranging consequences. Some might not be felt immediately after the divorce, but others, such as bankruptcy, might be felt immediately. Divorce affects your expenses, debts, property rights, income, and your relationship with your children. These effects can lead you to bankruptcy. Your divorce decree has all the information you need to file for bankruptcy. A bankruptcy trustee will help review the information to determine what is important in your case and what needs to be left out. Read on to learn more. 

Understand Property Division Provisions 

Your divorce decree shows all the assets that you and your spouse owned when the marriage was still working. It also shows the order that divides the assets into two. You need to ensure that all your assets from the divorce appear on the Schedule A/B form, as well as the assets acquired after the divorce. If you were not awarded an asset after divorce, be ready with an explanation of the fate of the asset. Spouses who sell or give away assets need to show transfer documents in their Statement of Financial Affairs. 

Debt Division Provisions

Your debts will change after the divorce. You need to list out all the debts when filing for bankruptcy. List out any joint debts and any family debts, some of which may not be listed in your name on the declaration. You also need to show how the debts were divided after the divorce. Check whether the divorce decree shows a section for indemnification of debts. Indemnification works when a spouse is forced to pay for a day that was allocated to you after the divorce. If, for instance, you file for bankruptcy, but there is a credit card debt that was awarded to you, the credit card company will follow your spouse. With an indemnification clause, your spouse can sue you and force you to pay the credit card debt. 

Debt from the Divorce 

A divorce case can leave you in debt. You can get into debt from child support, debt you owe your spouse as part of a property settlement, and attorney fees. Although you still need to list it in your bankruptcy filing, debt from child support is not dischargeable and so is the debt from property settlement. However, attorney fees are dischargeable. 

Conclusion - Talk to a Lawyer 

You need the best legal representation to understand what documents you need and what will help in your bankruptcy case. With the right lawyer, the process is fast and effective, helping you get back to your normal life within a short time. Talk to an attorney today.