Vail A. Kaufman, P.A.
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November 2013 Archives

Bankruptcy can leave ex-spouses with mortgage woes

For Maryland residents who have gone through a divorce, a question often remains about what to do with the family home. In many instances, one of the spouses simply keeps the home, and both parties remain on the mortgage documents. This is a dangerous situation for some spouses, though, as their exes may be facing overwhelming debt that leads them to file for personal bankruptcy. Spouses who are still named on home loans even after they are divorced can be held liable for the entirety of a mortgage if their ex declares personal bankruptcy.

Bankruptcy estate lays claim to inheritance money

Maryland residents who are considering filing for bankruptcy may be facing a new hurdle if they are expecting or have recently received a large inheritance. A new ruling out of the U.S. Court of Appeals for the Fourth Circuit states that debtors will be required to hand over inheritance money as part of their Chapter 13 bankruptcy cases. The court made the ruling in late October.

Marrying someone with a past bankruptcy

Marylanders who are planning to hear wedding bells in the near future are increasingly concerned with the financial histories of their spouses-to-be. It is important to know about your future spouse's credit history, especially if that individual has filed for personal bankruptcy in the past. Bankruptcy is not a bad decision in most cases; it allows the filer to move on to a more positive financial future. However, special considerations may be required if you are planning on marrying someone with a bankruptcy in his or her past.

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Vail A. Kaufman, P.A.
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Greenbelt, MD 20770

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