Divorce: When a Spouse or Former Spouse Files Bankruptcy

Understanding the Impact of Bankruptcy on Domestic Support Obligations, Property Settlements, and Taxes

A live 90-minute CLE video webinar with interactive Q&A

Tuesday, July 20, 2021

1:00pm-2:30pm EDT, 10:00am-11:30am PDT

Early Registration Discount Deadline, Friday, June 25, 2021

or call 1-800-926-7926
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This CLE webinar will review the unique powers of bankruptcy law to alter or affect the financial plans and goals of divorced or divorcing spouses when bankruptcy is commenced before, during, or after a divorce.

Description

Counsel must address a dizzying array of factors and combinations of factors when divorce and bankruptcy intersect. The factors include when to file and in what order; what chapter to file; whether bankruptcy occurs before or after the division of the property; whether the case is joint or solo; whether claims of third-party creditors are involved; and whether either proceeding requires the sale of a business and business interests held by only one spouse.

Bankruptcy courts can override the divorcing parties' intentions and reasonable expectations for the benefit of third-party creditors. The bankruptcy court can recharacterize support as property division and loans as equity--or vice versa--with significant consequences.

Property that can satisfy creditors in bankruptcy is difficult to determine, varies in community property and equitable division states, and turns on which chapter of bankruptcy is filed, exemptions allowed, and even residency. The law is unsettled and fact-specific for many financial assets, such as education savings accounts, pre-paid tuition, net operating losses, and other tax attributes.

Listen as this panel of experienced bankruptcy and family law attorneys discusses best strategies for achieving the parties' financial goals when divorce and bankruptcy are factors.

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Outline

  1. Bankruptcy provisions that matter the most
    1. Definitions relevant to divorce counsel
    2. Automatic stay: What is it, and when does it apply?
    3. Recharacterization
    4. Exemptions
    5. Avoidance powers
    6. Discharge
  2. Differences between Chapter 7 and Chapter 13
  3. Chapter 11 and Subchapter V issues
  4. Tax issues

Benefits

The panel will review these and other key issues:

  • Sequencing divorce and bankruptcy
  • Domestic support obligations
  • Automatic stay
  • Tax considerations when a spouse or former spouse files bankruptcy
  • Provisions to include in the property settlement agreement relating to bankruptcy

Faculty

Bagley, Martha
Martha R. Bagley
Member
Weston Patrick

Ms. Bagley provides domestic relations, probate and business clients with comprehensive legal services including...  |  Read More

Steiner, Eric
Eric S. Steiner, Esq.
Managing Member
Steiner Law Group

Mr. Steiner has helped business and consumer clients throughout Maryland discharge millions of dollars of debt. His...  |  Read More

Attend on July 20

Early Discount (through 06/25/21)

Cannot Attend July 20?

Early Discount (through 06/25/21)

You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. Strafford will process CLE credit for one person on each recording. All formats include program handouts.

To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video

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