Bancruptcy on a contract included in Final Decree
Can I include in a bancruptcy, a contract between me & my former wife. This seperate contract was included in Final Decree of our divorce.
The contract states, that I will be responsible for my
child's college education costs. My child may be going to college in 2004.
This contract is in addition to child support, that I pay.
I have remaried, and have two more children, and this contract (come to effect) would cause undo hardship to me and my family. Can I bancrupt on this contract?
1 Answer from Attorneys
Re: Bancruptcy on a contract included in Final Decree
I would need to actually see the divorce decree and the langauge contained therein you give a definitive answer. But in general alimony child and/or child support owed to a spouse, former spouse or child in connection with a divorce decree is not dischargeable in bankruptcy (11 U.S.C. 523(a)(5). The debt you refer to does not seem to be either alimony or child support and the determination as to whether the debt is dischargeable must be made pursuant to (11 U.S.C. 523(a)(15)), which prevents the discharge of certain debts arising out of a divorce or separation agreement which are not alimony of child support (see Adler v. Adler 243B.R.596). This can be a rather complex area of the Bankruptcy Code and you should have a lawyer handle this for you. We have handled both sides of this issue and will gladly assist you if you do not already have an attorney.
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