Question Divorce and BK

[wender]

I'm in the process of getting a divorce and sent an email to my divorce lawyer stating that I'm interested in filing. She replied back that we should discuss bk and the impact on the divorce. I live in Michigan.

We have about $50-60k debt due to medical issues, etc. Michigan is a no fault divorce state..so everything is split 50/50.....including debt.

I just got her mail tonight and I'm not very patient and can't wait till tomorrow...I'm hoping someone can advise.

Thanks

[keepmine]

http://doney.net/bkcode/11usc0541.htm

[DeadManCrawling]

In other words, if you will be on the losing end of the divorce, filing can be good.

If you expect to "win" the divorce, in terms of assets, don't run to file in a hurry.

At least that was my take on what KeepMine posted.

[wender]

In other words, if you will be on the losing end of the divorce, filing can be good.

If you expect to "win" the divorce, in terms of assets, don't run to file in a hurry.

At least that was my take on what KeepMine posted.

Thanks for the clarifying.....

So, it depends on how you define losing?

I will probably end up with the house and everything that is in it, and I will end up with the car (which is paid off). When I sell the house in a couple of years, then he'd probably get a percentage if we make money on it.

I have a retirement fund and he has a pension....according to our state laws...everything earned during the marriage 50/50. the outcome of this has not been settled yet.

The last I heard I may be awarded spousal support for a couple of years till I get back on my feet. He got sick, so I quit my job and was his fulltime caregiver since 2005. Medical bills and the fact I wasn't working contributed to our debt. As part of the settlement, I will end up with 50% of the debt that was accrued due to his medical condition...I'm losing there.

The combination of being out of the workforce for over 5 years and living in Michigan has been brutal...I've been unable to find a decent paying job. So I returned to school for nursing, and once I'm done, I will have no problem finding a job with a good income.

Basically, with income from my part-time job + alimony, going to school, housing and other bills, I will barely have enough to scrape by let alone pay my creditors. It'll be beans and rice for the next few years...so I feel like I'm on the losing end..even though I may end up with the house and the car.

So my question to anyone...what is losing and what is winning in terms of a divorce?

[keepmine]

So my question to anyone...what is losing and what is winning in terms of a divorce?


If you have to ask if you won or lost, the answer is easy. You lost.
DMC's response was kinda general but, I understand where he's coming from.

The issue is, will the divorce and pending property settlement affect the bk. Will there assets distributed to one spouse via the divorce decree that may have been property of the bk estate had there been no divorce? That's all your lawyer is trying to determine.
You may be advised to file prior to the divorce or, wait over 180 days from the divorce to file or, just go ahead whenever you please since it'll make no difference.

[forgotten]

So my question to anyone...what is losing and what is winning in terms of a divorce?

If you get the house and everything in it, the car, half the retirement fund and pension, and spousal support.... I would say you won.