going through divorce.. thinking of doing BK afterwards
12-07-2012 12:13 PM
To make a long story short I have about 40k in Student Loans (which Im assuming cant be in the BK) $45ish in ccard debt, and 2 mortgages (both have renters, one is under water.. my ex and I want to sell these)
So far nothing has been divided in court yet (our temp hearing is in two weeks) I am pretty sure I want to try and file BK7 after the divorce. Currently Im unemployed living on $800 of unemployment. My ex is giving me no money. He makes around $125k a year. My score is around 530-600
Do you have any advice as to what I should be doing NOW? what debt would be the best for me to take (assuming I will be going bankrupt when ths is all over) in the divorce? I have no money to pay anything now.. but anything I should be doing or preparing?
Re: going through divorce.. thinking of doing BK afterwards[ Edited ]
12-07-2012 07:33 PM - edited 12-07-2012 07:36 PM
If you're going to go through a BK, and only if you're 100% certain: then stop paying on your debts (assuming you haven't). Might as well get the 7 year clock ticking early.
You're boned on the student loans, but there is hope to get those wiped out. Go find a job @ usajobs.gov that includes student loan forgiveness.
If you do file BK, you just let the ex deal with the houses w/ the renters. They aren't your responsibility after a BK.
Also, I don't know what state you're in, but you probably need a better lawyer if he makes $125K and you're not getting a dime in the divorce. That's crap. A good lawyer will collect attorney's fees from your ex, too... so don't worry about that.
The only other thing you can do is start saving for a good BK lawyer. Depending on your state, it should run you around $1500 to do a CH7. Sure, you can file pro-se and save a lot of that, but would you change the brakes on your car and trust it to stop? (I know how to do brakes and won't change mine). Also, you could hire a paralegal or lousy firm to handle it for <$1000, but again, I wouldn't let the fry-chef at McDonald's cook my rib-eye if I wanted it perfect the first-time.
Starting Score: ~470 preBK(8/2010)
Current Score: EQ: 681myFICO (12/5/12), TU: 661myFICO(5/9/12), EX:681USAA FAKO(7/2/12, ex635lp,1/7/12)
Goal Score: 700+ FICO across the board w/ my BK still on there (until 8/2020)
Take the FICO Fitness Challenge
Re: going through divorce.. thinking of doing BK afterwards
05-21-2013 04:09 PM
I am sorry to hear about your divorce. It is never easy. Can you give us an update?
MyFICO March13: EQ=680; TU=677
MyFICO 09JAN13: EQ & TU = 677) 2 years after filing BK7, 18 months after discharge in Jun2011
MyFICO (09SEP12: EQ 677; TU: 670) 16 months after discharge BK7.
Myfico (JUL12: EQ 671) 13 months after BK7.