Due to domestic violence in my home, I left my marriage. I drew up a proposal to my (soon-to-be) ex regarding our MASSIVE debt which left me with one medical bill of $17,000 (not including interest) and two credit cards of over $6000. I also left with only what I could fit in my car and left all our furniture and assets to him. I don't work full-time, though I'm going to try to soon and I just CANNOT pay these debts. I have no problem with the idea of bankruptcy for myself...however, NOTHING is in my name except our Bank of America overdraft protection credit card and he works for a financial industry and told me that if he has a bankruptcy that he'll loose his securities license and then his job. It's not my goal to be malicious and cause that - but I can't pay these bills. Will it be better for me to wait until the divorce is final and then file bankruptcy on whatever debts the judge gives me? Any advice? I don't know what to do.
2007-01-12 13:03:16 · 8 answers · asked by Jazmin 2 in Business & Finance ➔ Personal Finance
I hope you get some good advice putting this question up. And the people answering should be more understanding and know that Bankruptcy was created not just so people can escape their obligations but to give them a chance to start over if things get out of hand. And those people often learn from it. However with that sad my advice is to take out life insurance on your husband and then arrange for him to be Off'd and collect the mula and pay off all your creditors.
2007-01-12 13:17:06 · answer #1 · answered by ncblkgy 3 · 0⤊ 1⤋
Talk to your lawyer while drawing up your agreement. It's best to avoid bankruptcy. Not for his cause, but for yours. His career is his business. If he wants to avoid it, he'll be responsible. Your credit rating will take a hit for a while as you work to pay off the debt, but in the long run it's better to do slow pay than bankruptcy. You'll need some credit to get a place to live.
Have your attorney review the proposal you gave your ex. If it ain't through the courts yet, it ain't binding!! You are separated, not divorced yet. So depending upon where you're from and if you have children, there can be support arrangements. Your lawyer can help you determine what they are and how to do it in your state.
While $23K of debt sounds like a lot, you can overcome it. Be strong. You cannot worry about him, you have to take care of you.
A lot of attorneys will work with you even if you don't have money. Call someplace like Social Services or United Way to see if they can make referrals to you for a low-cost or fee adjusted attorney too. Many will make the first appointment for free to determine whether they should take you and to review your case and then give you an up front estimate.
If your ex has a securities license, he is a smart guy. Those are difficult to get and you need to maintain your reputation to keep them. So you have some leverage here, use it!! Just don't confront him about it directly. That's why you want an attorney. Keep away from him since he's abusive and find someone like a lawyer do the dirty work here while you go out and find a job to start your new life.
2007-01-12 21:17:03 · answer #2 · answered by keyz 4 · 0⤊ 0⤋
If you sign that you will accept debt or are awarded debt as part of your bankruptcy settlement, they will no longer be dischargable in bankruptcy. Do not ask for debt as part of the divorce. Tell your attorney or the judge that you intend to file for bankruptcy because you cannot pay the debt. Any money that you might have been awarded can be offset by the debt or the judge may award that you don't have to pay due to hardship. It is best to deal with an attorney who understands both divorce and bankruptcy. It would be even better if the attorney understood domestic abuse situations, as your emotional state will play a large part in what you are willing to accept at this time of your life.
Good luck to you.
2007-01-13 00:24:25 · answer #3 · answered by DisneyMom92 2 · 0⤊ 0⤋
Wow, I was in the same situation and a bit further down the line than you it sounds like, were these depts due to part of the domestic violence, you need to think about this very carefully and next did you profit from the money and who's account was the money paid into. I remorgaged my home due to duress through domestic violence so I am now fighting the mortage company, my husband is denying this but I do have some proof, also I never saw a penny of the remotage, Domestic Violence can make you say yes and no to may things that you may or may not want to do, when in your heart you know they are the wrong decisions at the wrong time. I have chosen to do this near the end of my divorce but you may not have a choice but to tackle this now. Can you manage to get about 4 different free half hours with different solicitors to see where you may stand, if you can not afford a solicitor as in my case book an appointment with a Citizens Advice Beaure (CAB) for short. cancel the proposal with your ex for now he was unreasonable in your marriage and you will find out that the possibility of him unreasonable when it comes to this is very high as much as you may not want to believe it. Well done for getting out it's so much harder than people think. One last thing if you did win any money or assests through the divorce you may well loose them through going bankrupt. so you need to find the strengh to fight for whats best for you, I can tell you it's not an easy road but there is and end to it. You are not being malicious, he has been malicious toward you and now created this situation, if nothing is in your name then the dept is his, you now need to cancell any accounts, cards etc: that you have together as soon as possible before more dept is run up. If you do have a mortgage/rent together, get your name off it now, it may cost (sorry) but it's a priority that you distance yourself financially very quickly.
Lots of good luck
2007-01-12 21:53:36 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I was told not to file for bankruptcy until after I had filed for a divorce. If you file BK it will screw up the divorce proceeding. Wait until after you have file for the divorce, and then file for BK.
In the divorced your lawyer will decide who is responsible for what items. Don't leave any accounts open that have both of your names. He could run up another bill on the credit cards.
I first closed all the accounts that had both of our names on them. I still owed the balance, but he could not charge anything on them. He filed for divorced and we ended up using the same lawyer who was a friend of the family. He was responsible for all accounts that he had open before we got married. I was responsible for all accounts that I had before we got married.
It so happen that we lived in community property state, and normally it is 50/50, but we agreed to agreed not to make more problems.
After the divorced was final I filed for BK, and he had to pay all of the balances that he owed when we were married. He had to turn in a new truck he bought right before he file for the divorced.
He got catch in his own game, he divorced me to remarry his first wife, you figure that one out!
2007-01-12 21:23:55 · answer #5 · answered by D S 4 · 0⤊ 0⤋
file bankruptcy for the simple reason of the domestic violence in your home. who cares if he loses his freaking job he has it coming for beating you.. god bless you and move on my child...
2007-01-12 21:18:49 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Don't file Bankruptcy.
Contact creditors and see if can cut interest rate explain situation.
Bankruptcy mess up credit like you wont believe.
I wish I had never done it myself
2007-01-12 21:08:48 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Use your leverage...tell him to assume some of your debts and you won't go bankrupt on him.
2007-01-12 21:07:48 · answer #8 · answered by Anonymous · 1⤊ 0⤋