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 Post subject: judge suggested bankruptcy
PostPosted: Wed Nov 04, 2009 8:20 am 
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I've been trying to avoid bankruptcy and haven't talked to a bankruptcy lawyer yet but the judge suggested joint bankruptcy since the STBX is planning on filing for BR. Anyway, i just don't know how this works and if i should even consider it. Do BR lawyers do a free evaluation and provide advice? Should i even consider it?


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 Post subject: Re: judge suggested bankruptcy
PostPosted: Wed Nov 04, 2009 1:23 pm 
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browndawgdude wrote:
I've been trying to avoid bankruptcy and haven't talked to a bankruptcy lawyer yet but the judge suggested joint bankruptcy since the STBX is planning on filing for BR. Anyway, i just don't know how this works and if i should even consider it. Do BR lawyers do a free evaluation and provide advice? Should i even consider it?


Yes, you should consider BR.

I have no idea, since I don't know your financial situation, how much it will benefit you.

If you have a lot of unsecured debt (credit cards) then BR is usually a good thing. If you have debt due to real property, houses and cars, businesses, etc. Then sometimes it is better to sell it all, clear debts, and avoid the credit report hit. Just depends.

_________________
Refusing to live in fear of my Ex since 2009.

Defending our "parenting responsibilities" to our children, and our "children's rights" to both their parents is our priority.


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 Post subject: Re: judge suggested bankruptcy
PostPosted: Wed Nov 04, 2009 4:16 pm 
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You need to do a consult with a BK attorney and yes they often do free initial consults. I was forced that route during separation by an ex who had built up $100k in unsecured debt & $85k in legal fees throwing everything under the son at me, and a coordinated filing can result in a clean slate & minimal debt settlement issues.

Personally I was able to get a mortgage seven months afterwards, and a new car the next year. Today it's a little tougher environment, but it is still possible.

A BK filing is Federal, so it stops your making any significant changes to financial terms without special permission of the BK court, or progressing financial settlement on your divorce until discharge occurs. In other words, expect a 3-5 month sudden stop to progressing your divorce if you do this in the middle of it.

Doing it afterwards doesn't offer the same protections, as the debt might be discharged, but the ex can still chase contempt charges if they go after her for discharging the debt that had been assigned to you, for example.

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The big leap of logic that most ex wives don't get is you do not have to pay it to them to provide for your children.


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