Notices
Like Tree22Likes

Divorce and Bankruptcy

Old 05-21-2018, 09:04 AM
  #1  
Senior MemberCaptains Club Member
Thread Starter
 
Join Date: Dec 2007
Posts: 15,654
Default Divorce and Bankruptcy

If you're going through the process and you're deep in debt, do you declare bankruptcy without regard to the divorce proceedings? Is there personal benefit from doing it either before or after the gavel drops?
bamaboy473 is offline  
Old 05-21-2018, 09:09 AM
  #2  
Senior Member
 
Join Date: Mar 2011
Location: Derry, NH
Posts: 1,614
Default

don't think you can. Bankruptcy judge would bounce it until the divorce is final and division of assets and liabilities are final
STEELA is offline  
Old 05-21-2018, 09:09 AM
  #3  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Jan 2005
Location: SC
Posts: 10,171
Default

What is the nature of the debt? If you have joint assets that must be unloaded, but are underwater, you definitely want to get that done prior to filing, as to split the deficit with the ex if at all possible.
autobaun70 is offline  
Old 05-21-2018, 09:10 AM
  #4  
Admirals Club Admiral's Club Member
 
Join Date: Nov 2008
Location: Bayville, NJ
Posts: 1,295
Default

Originally Posted by bamaboy473 View Post
If you're going through the process and you're deep in debt, do you declare bankruptcy without regard to the divorce proceedings? Is there personal benefit from doing it either before or after the gavel drops?
Great. Someone else dumping their debt on the tax payers.
r_ventura_23 is online now  
Old 05-21-2018, 09:20 AM
  #5  
Senior MemberCaptains Club Member
 
Join Date: Feb 2006
Posts: 1,249
Default

Originally Posted by r_ventura_23 View Post


Great. Someone else dumping their debt on the tax payers.
What mental gymnastics did it take to arrive at the taxpayer being liable?
houtxfisher is offline  
Old 05-21-2018, 09:23 AM
  #6  
Senior Member
 
tcpip95's Avatar
 
Join Date: Apr 2012
Location: Fort Myers, FL
Posts: 2,110
Default

Originally Posted by r_ventura_23 View Post
Great. Someone else dumping their debt on the tax payers.

Originally Posted by houtxfisher View Post
What mental gymnastics did it take to arrive at the taxpayer being liable?
@houtxfisher: That's the reason that I have idiots like him on ignore.
triumphrick likes this.
tcpip95 is offline  
Old 05-21-2018, 09:26 AM
  #7  
Senior Member
 
Join Date: Dec 2015
Posts: 1,634
Default

[QUOTE=bamaboy473;11440681]If you're going through the process and you're deep in debt, do you declare bankruptcy without regard to the divorce proceedings? Is there personal benefit from doing it either before or after the gavel drops?[/QUOT

You don't have a lot of money but there are bankruptcy attorneys advertising all over the place. You would probably benefit from a good attorney giving you advice on that situation.
Lobstercatcher229 is offline  
Old 05-21-2018, 09:26 AM
  #8  
Senior MemberCaptains Club Member
Thread Starter
 
Join Date: Dec 2007
Posts: 15,654
Default

Originally Posted by autobaun70 View Post
What is the nature of the debt? If you have joint assets that must be unloaded, but are underwater, you definitely want to get that done prior to filing, as to split the deficit with the ex if at all possible.
I think it's credit card debt; probably jointly. House is joint and up to date, cars are already individual names.
bamaboy473 is offline  
Old 05-21-2018, 09:27 AM
  #9  
Senior MemberCaptains Club Member
Thread Starter
 
Join Date: Dec 2007
Posts: 15,654
Default

[QUOTE=Lobstercatcher229;11440756]
Originally Posted by bamaboy473 View Post
If you're going through the process and you're deep in debt, do you declare bankruptcy without regard to the divorce proceedings? Is there personal benefit from doing it either before or after the gavel drops?[/QUOT

You don't have a lot of money but there are bankruptcy attorneys advertising all over the place. You would probably benefit from a good attorney giving you advice on that situation.
Thankfully, it isn't me I'm asking for, but somebody that may come for advice down the road, and being prepared trumps total guessing.
bamaboy473 is offline  
Old 05-21-2018, 09:30 AM
  #10  
Senior MemberCaptains Club Member
Thread Starter
 
Join Date: Dec 2007
Posts: 15,654
Default

Originally Posted by r_ventura_23 View Post
Great. Someone else dumping their debt on the tax payers.
Don't understand how you got that into your mind. CC companies budget for shrinkage as part of their business model. How does that impact the common man that pays taxes?
bamaboy473 is offline  
Old 05-21-2018, 09:34 AM
  #11  
Senior Member
 
Join Date: Jan 2016
Location: Southeast Ct.
Posts: 800
Default

Funny when the $ stops coming in the door love goes out the window.
Gullpt is online now  
Old 05-21-2018, 09:48 AM
  #12  
Senior MemberCaptains Club Member
Thread Starter
 
Join Date: Dec 2007
Posts: 15,654
Default

Originally Posted by Gullpt View Post
Funny when the $ stops coming in the door love goes out the window.
Yep. They got married, she quit work to become a full-time diva, and there went the love......
Joe and JKBrad like this.
bamaboy473 is offline  
Old 05-21-2018, 10:08 AM
  #13  
Admirals Club Admiral's Club Member
 
Join Date: Aug 2015
Location: BFE
Posts: 2,806
Default

Glad I got a Sugar Momma.

Guess it all boils down to having a lot of $$$$ or a BIG........ drilling rig.
tmd11111 likes this.
Riptied is offline  
Old 05-21-2018, 10:12 AM
  #14  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Sep 2003
Location: Lancaster , RIC VA
Posts: 8,376
Default

Originally Posted by bamaboy473 View Post
Yep. They got married, she quit work to become a full-time diva, and there went the love......
Shocking...I've never heard this scenario before.
GWcpa is offline  
Old 05-21-2018, 10:15 AM
  #15  
Admirals Club Admiral's Club Member
 
Join Date: Nov 2009
Location: New Braunfels, TX
Posts: 800
Default

Originally Posted by bamaboy473 View Post
Yep. They got married, she quit work to become a full-time diva, and there went the love......
Full time diva, I like that. Warning to those guys out there in a similar situation. Start circling the wagons now.


Last edited by JKBrad; 05-21-2018 at 03:51 PM.
JKBrad is offline  
Old 05-21-2018, 10:16 AM
  #16  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Jan 2005
Location: SC
Posts: 10,171
Default

Originally Posted by bamaboy473 View Post
I think it's credit card debt; probably jointly. House is joint and up to date, cars are already individual names.
I'm not a lawyer, and haven't stayed at a Holiday Inn Express lately......but....I would wait.

House is either going to have to be sold, or someone is going to have to agree to take it on just as part of the divorce. Situation will dictate what is appropriate. If there is any equity in the house, I would be demanding to unload the thing, and apply that towards the unsecured debt, prior to splitting up responsibility for it. Very well could take the individual parties burden down to a reasonable level without completely screwing up credit ratings or requiring bankruptcy.
autobaun70 is offline  
Old 05-21-2018, 12:37 PM
  #17  
Senior Member
 
Join Date: Oct 2007
Posts: 9,807
Default

Pics of to be ex wife.
r_ventura_23 likes this.
Jersus is offline  
Old 05-21-2018, 12:41 PM
  #18  
Admirals Club Admiral's Club Member
 
Join Date: Jun 2009
Location: Amongst the FL fishies
Posts: 6,751
Default

Divorce debt will chase you down the hallway, out the front door and around the block. My bill was almost $1.5 mil and I was the one who was on the good side and initiated the divorce.

Makes no difference who's name is on the paper, It's all community. Bend over and assume the position.
airbrush is offline  
Old 05-21-2018, 01:23 PM
  #19  
Senior Member
 
Join Date: Feb 2007
Location: Texas
Posts: 812
Default

Originally Posted by airbrush View Post
Divorce debt will chase you down the hallway, out the front door and around the block. My bill was almost $1.5 mil and I was the one who was on the good side and initiated the divorce.

Makes no difference who's name is on the paper, It's all community. Bend over and assume the position.
And here I was thinking how it sucked because mine cost me a little over $300k. $1.5m has got to sting.
tmd11111 is offline  
Old 05-21-2018, 01:45 PM
  #20  
Senior Member
 
Join Date: Dec 2015
Posts: 1,634
Default

Originally Posted by tmd11111 View Post
And here I was thinking how it sucked because mine cost me a little over $300k. $1.5m has got to sting.
either way it isn't cool. Cheaper to keep her!
Lobstercatcher229 is offline  

Thread Tools
Search this Thread