Unexpected Liens on Marital Property from Credit Cards or Loans Can Complicate Your Divorce and Bankruptcy
Many credit card agreements for stores like Sears or Best Buy include a provision where you grant the bank a lien on anything you purchase with the card. This can also include in-store financing with places like Raymour & Flanagan. If you are dividing up marital property in a divorce, and that property was purchased under one of these agreements, it can make equitable distribution more involved. These liens often come to light once a bankruptcy is filed, so careful, advanced planning is a must! Meryl and Steve discuss what steps you have to take in your divorce and your bankruptcy to address this problem.
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