Divorce in ch. 13, convert to 7 and....

[Ortgeist]

We are divorcing and contacted our BK attourney. We have an appt for next week. Can't keep the house. It's over 100 years old and needs major work. Plus I probably couldn't sell it now. I've been reading about people letting their houses go. We are coming up on being 30 days late with Wells Fargo. There's a small arrears in our ch 13 from Wells, but not the mortgage itself. Should I include the mortgage in the ch. 7 or what? I'll have to pay for the divorce, conversion to ch 7, and for downpayments for 2 places. I'm not trying to pull a fast one here, but the health and wellbeing of my family is making me so anxious. I need to save money for all of these expenses. If I include the house in the bankruptcy, how long of a foreclosure process is it if my home is located in St. Louis, MO? I know Wells Fargo's address is in Indiana. So would foreclosure law apply to Indiana or where my home is located in Missouri?

Any advice from Wells Fargo mortgage holders who live in Missouri is greatly appreciated. Please....any insight is appreciated!

Thanks in advance,
Ortgeist

[Ortgeist]

Anyone, Anyone..........

Bueller!!!

[lrprn]

Divorce and bankruptcy can make for a very uneasy pairing. Some states have laws that actually coinflict with each other regarding financial responsibilities after divorce when bk was already filed as a couple.

Start by asking your divorce attorney to meet with your bk attorney to work out potential financial consequences to you of the divorce. Be certain the final divorce decree shows very clearly exactly who is responsible for paying which debt and how much the debt to be paid back is by both of you. And also be certain after the divorce and your 7 conversion to get your name off any shared debt that your ex takes on. If you get the house in the divorce, then surrender it when you file your 7.

Is your soon-to-be-ex planning to convert to an individual 7 too? If yes, be careful if she's able to file before you - make sure you don't end up being seen as financially responsible for debts she agreed to take on in the divorce.

(btw, I love 'Ferris Bueller's Day Out' - a classic! Very clever 'bump', Ort!)