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Divorce and Bankruptcy

Old 05-21-2018, 09:04 AM
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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?
Old 05-21-2018, 09:09 AM
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don't think you can. Bankruptcy judge would bounce it until the divorce is final and division of assets and liabilities are final
Old 05-21-2018, 09:09 AM
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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.
Old 05-21-2018, 09:10 AM
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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.
Old 05-21-2018, 09:20 AM
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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?
Old 05-21-2018, 09:23 AM
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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.
Old 05-21-2018, 09:26 AM
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[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.
Old 05-21-2018, 09:26 AM
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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.
Old 05-21-2018, 09:27 AM
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[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.
Old 05-21-2018, 09:30 AM
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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?
Old 05-21-2018, 09:34 AM
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Funny when the $ stops coming in the door love goes out the window.
Old 05-21-2018, 09:48 AM
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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......
Old 05-21-2018, 10:08 AM
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Glad I got a Sugar Momma.

Guess it all boils down to having a lot of $$$$ or a BIG........ drilling rig.
Old 05-21-2018, 10:12 AM
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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.
Old 05-21-2018, 10:15 AM
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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.
Old 05-21-2018, 10:16 AM
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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.
Old 05-21-2018, 12:37 PM
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Pics of to be ex wife.
Old 05-21-2018, 12:41 PM
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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.
Old 05-21-2018, 01:23 PM
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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.
Old 05-21-2018, 01:45 PM
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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!

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