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davidtrump

Factors 11 & 12 - 14 key factors when considering bankruptcy

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11. A bankruptcy doesn’t protect joint account holders.
A bankruptcy dissolves your obligation to a creditor. But if anyone else is also on the hook for one of your debts, such as a joint account holder or co-signer, your bankruptcy makes that bill his or hers alone. And that’s a situation that commonly occurs after a divorce, says Rick McElvaney, program director for the Center for Consumer Law at the University of Houston Law Center.

Best bet: Before you finalize a divorce, pay off bills or have the obligations transferred into the name of one party or the other.

12. It’s public.
“Many people believe that since bankruptcy involves personal financial information, it involves privacy,” says Jack Williams, co-author of “Tax Aspects of Bankruptcy Law and Practice.” “It’s public information. The world, if they’re interested, can see everything about your financial situation in the last few years.”

On the plus side, unless you’re a famous name, few (if any) will care.

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