Wondering what to do about the home when going through divorce and bankruptcy? (Los Angeles attorney David Lozano offers his help to divorced couples!)
Not too long ago I wrote about how divorce is one of the three leading causes of bankruptcy–along with medical bills and the loss of a job–in Wondering what you should do when dealing with divorce as well as bankruptcy? (Los Angeles attorney David Lozano offers his advice!) And earlier in the year I wrote a blog entitled, Does filing bankruptcy lead to divorce? Today I’d like to discuss situations that may arise when going through divorce and bankruptcy.
Married couples who are considering or have already gotten a divorce sometimes find themselves in a fix when it comes to what to do about the home. Oftentimes neither spouse can afford to keep the house or apartment on their own. In cases like this, couples may end up living together out of necessity, staying at opposite corners of the house or on separate floors as much as possible. Couples will even try to avoid filing bankruptcy by putting their home up for sale, hoping to make enough money to pay off the mortgage, so that they can buy new homes. Many times the couple is forced to dramatically lower the price of the home to avoid foreclosure, even settling for a price far below the retail value.
In a situation like this, I urge couples to contact me or visit one of our Lancaster, Ontario, or West Covina office locations for a free consultation! With the help of a bankruptcy attorney, the couple may have better luck getting the house sold at a fair price or keeping the house, if they so desire!
Wondering what you should do when dealing with divorce as well as bankruptcy? (Los Angeles attorney David Lozano offers his advice!)
Along with the loss of a job and medical bills, divorce is one of the most common contributing factors that lead to bankruptcy. Divorce settlements don’t always leave one or both parties with enough to sustain themselves. Many times people are left without a house or car and are sometimes required to pay for child support or alimony.
When it comes to filing bankruptcy due to divorce, there are a few tips you should keep in mind. Only existing debt that has been incurred prior to filing is affected by the bankruptcy claim. So if the divorce hasn’t been finalized, you will be held responsible for all expenses that come up after filing bankruptcy. Another fact to be aware of is that some payments will not be eliminated by filing bankruptcy, such as child support or alimony. On the flip side, if you are receiving child support or alimony, that money is typically exempt from the bankruptcy process!
Bankruptcy is difficult enough without having to worry about divorce litigations on top of that. Should this happen, however, you can rest assured that David Lozano will get you through the bankruptcy process as smoothly as possible! Contact me for a free consultation!
Would you believe filing bankruptcy can bring married couples closer together? It’s true! I’ve seen firsthand how many couples come together after taking action to settle their debt. The idea that filing bankruptcy inevitably leads to divorce is a myth!
The constant worry of how to pay off immense amounts of debt, creditors incessantly pestering you, the threat of foreclosure on your home– this kind of stress feeds on itself and grows exponentially. It stands to reason that all that tension is going to find an outlet! No wonder there is evidence of strain in more than a few relationships!
The tension and stress that is caused by debt consumes couples full attention and energy, but all is not lost! Just ask yourself, what is the real cause of this supposed rift in your relationship? That’s right, what not who! Debt is the true culprit!
How do you solve the problem? Let me give you a hint, it’s not by getting a divorce. You simply need to eliminate the source of the problem– the debt has to go! That’s where I come in. The first step is a free consultation, and the relief is soon to follow!
I handle settling my clients’ debt, which helps to alleviate much of the stress, but it is the couples that deserve all the credit for rekindling their relationship! They are united in taking control of the situation! With a fresh start ahead of them, couples can focus on getting back on track with their finances as well as their marriage!