Legal Question in Bankruptcy in Colorado

Re: Divorce/Bankruptcy

In general, property settlements in divorce can be discharged, while alimony and child support can not. Your divorce lawyer should consult with a bankruptcy lawyer to ensure that whatever you receive in the divorce is "in the nature of" alimony or support. This is important because the bankruptcy law looks beyond the labels put on settlements, and thus it is important to structure the divorce agreement properly. Again, have your divorce attorney consult a bankruptcy attorney, because it is not as straightforward as it may seem! Good luck!

Re: Divorce/Bankruptcy

As a result of the bankruptcy (Chapter 7, I assume), you will be solely responsible for the joint debts. If your divorce provides that he will pay them and there is a "hold harmless" provision in the divorce, if he has no way to pay them, it will still be your problem. The simplest solution is for you to file a joint bankruptcy petition before the divorce is final, assuming you are both in the same situation as far as being able to file c. 7.

You should consult a good bankruptcy lawyer, even if you want to file your own c. 7 here, or if you don't want to file for bankruptcy.