Who would have thought that Anna Nicole Smith’s bankruptcy legal woes would cause so much confusion and debate amongst Arizona bankruptcy lawyers. The United States Supreme Court’s ruling is a prime example of the complexities of bankruptcy law and how a Playboy model will be discussed in court cases for years to come.
Amendments to the Bankruptcy Code in 2005 limit the number of bankruptcies a person can file. You must consult with an Arizona bankruptcy lawyer to determine whether you are eligible to file again.
When you file bankruptcy, you receive a discharge. Your creditors can no longer come after you. But your ex-spouse may come after you if the creditors now collect from him. An Arizona bankruptcy lawyer will advise that you can also discharge some of your divorce decree obligations to your ex if you file the correct bankruptcy under Chapter 13.
An Arizona bankruptcy lawyer will tell you that even after you get your Chapter 7 bankruptcy discharge, your case isn’t over until the trustee closes your case. And if your exempt homestead appreciates above the $150,000 exemption amount while your case is open, the trustee may require you to turn it over.
A competent Arizona bankruptcy lawyer will remind you that a divorce decree is simply an agreement between two ex-spouses. Your creditors could care less which spouse agreed to pay which debt in your divorce decree. Most debts incurred during a marriage is the responsibility of both ex-spouses, even if the debt is only in one spouse’s name.