Divorce Decree Queston

[MARKETSACRIFICE]

Hello all,

Question about the divorce decree, i understand child support and spousal support get moved to the front of the line but what about this:

"on or before October 1, 2011, husband shall pay to wife and wife shall receive of husband, as an equitable divison of marital property, Twenty Thousand $20,000 dollars."

This is a multi pronged question, A) im sure its affirmed whether i like it or not but ill ask you all anyways, B) if it is indeed affirmed then does it qualify as an "unsecured priority claim". C) if A and B are true, then if i leave any assets on the table is this $20k paid off before anything else??

Thank you all for your wisdom, its been a great help.

Signing skeletal petition tommorow,

Thanks

[TEW]

how about D the trustee takes your half of the asset?

[MARKETSACRIFICE]

What asset?

I dont have $20k.

Im talking about checking account balances (minimal), etc. IF there is anything, would it go to service this debt first?

[danaf]

i don't have an answer to your question BUT DO NOT sign a skeletal petition! Wait until it's complete to sign.

[MARKETSACRIFICE]

Danaf-

What was your experience with a skeletal petition?

[StartingOver08]

You will be asked at your 341 if you checked the petition and is everything correct. You will be under oath.

The BK petition is the centerpiece of your bankruptcy. It defines the entire scope of your current financial situation. The snapshot. It is filled with details and the details better be accurate - it is in your best interest. YOU want to make sure that every detail is correct. This is where accuracy is critical.

In my filing the attorney had the final petition completely filled out, ready for my signature. It was an exchange of the final payment and my signature for the electronic filing. My petition was electronically filed by the attorney the same date as my attorney was paid. Most of the attorneys require that they are paid in full to file and that moment occurs when you sign the petition. Don't sign it without having reviewed in detail the entire petition to be filed.

[woeisme]

I believe spousal support obligations are non-dischargeable, so would have to be paid in full, head of the line 1st priority debt. You were asked about assets since it is presumed if 20K is half the marital property, there's something there that totals a worth of 40K. Otherwise, what was the rational for the 20K amount?

[2Bshinyandnew]

Hello all,

Question about the divorce decree, i understand child support and spousal support get moved to the front of the line but what about this:

"on or before October 1, 2011, husband shall pay to wife and wife shall receive of husband, as an equitable divison of marital property, Twenty Thousand $20,000 dollars."

This is a multi pronged question, A) im sure its affirmed whether i like it or not but ill ask you all anyways, B) if it is indeed affirmed then does it qualify as an "unsecured priority claim". C) if A and B are true, then if i leave any assets on the table is this $20k paid off before anything else??

Thank you all for your wisdom, its been a great help.

Signing skeletal petition tommorow,

Thanks

If the $20K is equitable distribution and not lump sum alimony, alimony, or identifiable as support, it may be dischargeable. Does the marital settlement agreement specify the source of the $20K? In other words, usually the papers will say, Husbnad gets this and wife gets that and gives reasons why that is equitable and the source of the equity.

Skeletal petition? sounds not good, IMO.

[MARKETSACRIFICE]

It doesnt state specific source, doesnt designate it specifically as spousal support only equitable divison of marital property.

Long story short, i agreed to $60k spousal support payable @$1k for 60 months, $40k upfront at time of divorce and a final payment of $20k

You all are spooking me a little with the skeletal decree. I have been meeting and planning with my attorney for several months as we have tried to settle accounts, modify loans, short sell property,etc.

I am filing as a business debtor and quite frankly, my attorney is a little more than i probably needed. He usually handles bigger fish.

The skeletal is just the petition w/no schedules and then the schedules to be filed w/i 15 days. The actual petition doesnt seem to provide much information at all with all the dirty details found in the schedules.

Is this typical for business debtors? or is it the same as consumer filers?