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Hi ,
My dumb 19 year old step daughter , been married for 1 1/2 years , finds
husband in bed with another girl couple of months ago. Wants out of the
marriage , divorce.
They have bought 2 houses within the last 4 months. Each one is about $45,000.
No money down , idiot at the bank loaned the money to them. His parents live in
one , nobody in the second one. The second house has 2 mortgages (2nd is $6000
from owner of house).
She has about $3,000 of credit card bills & a $900 cell phone bill that husband
& his buddies run up.
There are 3 vehicles that the 2 purchased that are being financed. A car that
the husbands parents drive (parents are paying the loan but still in kids
names) , a truck that the husband drives (he`s paying the loan but blew the
motor up last week) & a Jeep that she bought 2 months ago (hasn`t made a
payment yet).
The houses and cars are in both their names , the cc bills & cell phone bill
are in her name only.
The car insurance is in her name , her husbands name & his parents name. It
runs about $600 a month.
She is living with us , works for minimum wage at clothing store. Husband has
bad credit & makes about $10 an hour at a factory. The loans from the bank were
given mostly on her credit. Husband & his parents don`t have good enough credit
to get cars or houses in their name.
She`s going to talk to a lawyer Monday about the loans & also divorce.
Any advice would be greatly appreciated. Family is telling her to file
bankruptcy , my wife & I don`t know what to tell her.
Thanks from George in Arkansas
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In article <u5oruvc0v2s2399ui1gn8ahq9v6hggcg5f@4ax.com> in
misc.legal.moderated, NopeNoGum wrote:
[long tangled tale of messy finances in a failing marriage]
She`s going to talk to a lawyer Monday about the loans & also divorce.
Any advice would be greatly appreciated.
The advice is to do what she is already planning: she should talk to
a lawyer. The lawyer can tell her what her best strategy is, much
better than anyone who does not know her.
She should prepare by making a list of assets and debts, and a list
of questions, so that she can make the best use of the time in the
appointment. Also she should be prepared for maybe having to
interview more than one lawyer before she chooses one to hire.
--
If you e-mail me from a fake address, your fingers will drop off.
I am not a lawyer; this is not legal advice. When you read anything
legal on the net, always verify it on your own, in light of your
particular circumstances. You may also need to consult a lawyer.
Stan Brown, Oak Road Systems, Cortland County, New York, USA
http://OakRoadSystems.com
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She is living with us , works for minimum wage at clothing store. Husband has
bad credit & makes about $10 an hour at a factory. The loans from the bank were
given mostly on her credit. Husband & his parents don`t have good enough credit
to get cars or houses in their name.
She`s going to talk to a lawyer Monday about the loans & also divorce.
Any advice would be greatly appreciated. Family is telling her to file
bankruptcy , my wife & I don`t know what to tell her.
Well, she has debts and expenses which she cannot pay from her income.
So she already is bankrupt, and formally declaring bankruptcy is a
very good way to deal with this problem.
If possible, she and the husband should sell the houses as well as any
other saleable property (cars, collectibles, etc.) It will be
difficult to sell the house his parents are living in, however.... and
it is odd that they do not own the house themselves. If the husband
refuses to sell the property, another option is for him to buy out
your daughter's half of the property.
It sounds like your daughter and (for the time being) son in law don't
have enough equity to pay off all those debts, unfortunately.
Probably, her best strategy is to offload as much of the debt as
possible onto the husband as possible, get whatever she can get for
her half of the property ((probably next to nothing) and declare
Chapter 7.
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In article <klt0vvcdt6sbh4h2n9kn5da281ls8qafnv@4ax.com> in
misc.legal.moderated, Timothy Horrigan wrote:
formally declaring bankruptcy is a
very good way to deal with this problem.
If possible, she and the husband should sell the houses as well as any
other saleable property (cars, collectibles, etc.)
But a sale shortly before a bankruptcy may be overturned by the
bankruptcy judge, no?
--
If you e-mail me from a fake address, your fingers will drop off.
I am not a lawyer; this is not legal advice. When you read anything
legal on the net, always verify it on your own, in light of your
particular circumstances. You may also need to consult a lawyer.
Stan Brown, Oak Road Systems, Cortland County, New York, USA
http://OakRoadSystems.com
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Stan Brown <the_stan_brown@fastmail.fm> wrote:
Timothy Horrigan wrote:
formally declaring bankruptcy is a
very good way to deal with this problem.
If possible, she and the husband should sell the houses as well
as any other saleable property (cars, collectibles, etc.)
But a sale shortly before a bankruptcy may be overturned by the
bankruptcy judge, no?
I don't see how. It's not a preference if the amount paid for the
property is full retail value.
What you might lose, depending on state law, is your homestead
exemption in residential property if you don't both own and live in
it when bankruptcy is filed.
Stu
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But a sale shortly before a bankruptcy may be overturned by the
bankruptcy judge, no?
There are some possible problems--- but if you sell the house for cash
at fair market value and pay off the debtors with the proceeds you
should be OK. Of course, this woman's husband sounds like a bozo who
is likely to do something much less straightforward :-)
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