Does anybody know about marriage/divorce and bankruptcy?
If I’m married and want to get divorced but can’t afford to live on my own because of my debt-to-income ratio, would I be able to get an apartment if I file bankruptcy? Our finances are separate so I don’t care if my filing affects my husband’s credit at this point. And frankly my concern isn’t about my credit at this point either — I just want out of the marriage. How could I file bankruptcy individually yet still keep our joint assets (the house) intact until the divorce? I’m thinking if the divorce judge orders us to sell the house and split any profit, I could use that profit to help pay off some of my debt. Or would bankruptcy court force US to liquidate the house?
My main goal is to leave this house, get an apartment, get divorced. Is bankruptcy even an option for me? Do I default on all my bills, pay for an apartment, file for divorce THEN file for bankruptcy?
First I think you should consult a bankruptcy lawyer (look around and compare, the consultations shouldn’t cost anything.)
I think, it is better to get an apartment first, then file for bankruptcy (consult an attorney) and once the bankruptcy is discharged, then file for a divorce..
Why this order? It is very very hard to get an apartment (they do credit check and when they see a bankruptcy in your credit report they probably won’t rent you an apartment.) Once this is done, file for bankruptcy (consult an attorney) because, the home will be protected under the bankruptcy law and the judge can not order you to sell the house because of the Homestead protection law (consult an attorney if this can be prevented since you don’t live in the home any more.) Then, get a divorce and sell the house…If you sell the house before the bankruptcy, the capitol gains with be distributed to all your creditors.
Because of the new bankruptcy laws that was passed a year ago, you should consult a bankruptcy attorney before you proceed with the sugestions above…The attorney will know what will affect your situation best and they will point you to the right direction.