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Bankruptcy, divorce, my home

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  • Bankruptcy, divorce, my home

    Ready for a complicated situation? I received my discharge about a month ago. I did not reaffirm my mortgage loan. I have been paying it diligently since the loan was obtained 5 years ago. I am also getting a divorce. My wife moved out 6 months ago, triggering the need to even file ch 7. This means I cannot buy another house For at least 3 years, likely longer. One item of note, the house was purchased solely in my name, with nothing down. She she didn't want her name on the mortgage in case things didn't work out. She lived with me from the date of the purchase. She received a large sum of money, and she offered to pay for the material for renovations, I did all of the labor. We were married 2 years ago. She now wants a set dollar amount paid to her within 3 years, which is more than all remaining proceeds after a sale at the current market price. Factoring in what will be Owed in 3 years, there may be just enough to pay here and i would have nothing. This seems very unfair, but She is not budging. I don't want to be forced to sell the house, Renting is not possible since I fail their credit
    checks, and don't want to give up my dog. I'm just worried about being forced to sell if we do. But if we are forced to sell, she would get half i assume, which would be half of almost nothing.

  • #2
    Divorce and bankruptcy are typically messy unless you have reasonable people. While you were just discharged, there are some landlords -- especially private owners -- that will lease to you. Most of the big property management companies require at least 1 year between filing (or discharge) and renting. I actually was able to get an apartment from one of the largest property management companies just days after my discharge (my scores were all above 620). They didn't even ask about the bankruptcy and my income was more than sufficient to meet there leasing requirements. I also received an apartment with no deposit (just to top it off). Of course you never know until you try.

    You'll just have to have to deal with it and perhaps her attorney will realize that there is nothing to be gained. Because you want to hold on to the marital home, that is what is causing your angst with what may be the final property settlement ("a set dollar amount" within the three years). I don't know if that dollar amount is alimony (paid in monthly) or is a lump sum of some portion of the property value. Personally, I would sell the property and be done, but I would lean on my divorce attorney for how to proceed.

    (Side note: if the property is really worth nothing, than there is nothing to split. Of course divorce and property settlement can be contentious but you'll need an attorney that can help the other attorney realize the facts and advise their client.)
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

    Comment


    • #3
      Originally posted by SeekingZero View Post
      I did not reaffirm my mortgage loan. I have been paying it diligently since the loan was obtained 5 years ago...She received a large sum of money, and she offered to pay for the material for renovations, I did all of the labor. We were married 2 years ago. She now wants a set dollar amount paid to her within 3 years, which is more than all remaining proceeds after a sale at the current market price.
      Even if you were living in a "community property" state, it sounds like you owned this house for 3 years prior to the marriage taking place, so "community property" would not attach. The house is your sole and separate property, as your wife's name wasn't even on the deed or mortgage. The fact that she contributed toward renovations, which presumably were wanted by her, does not magically make the house 50% hers. Also, a marriage which lasted for a mere 2 years shouldn't entitle your soon-to-be-ex-wife to much of anything! You need to hire a decent attorney and fight back hard, so you don't get raked over the coals!

      Comment


      • #4
        Neither of us are utilizing an attorney. She just wants 10k, doesn't care that their may not even be that much after selling costs. She initially added up all the mortgage payments for the last 5 years, divided by 2, and said I want that much, it's what I put in! it was 50k. This is what I'm up against... she feels like having come down to 10k, she's doing me a favour...I should just sell it. But not until I get an apartment.

        Comment


        • #5
          Originally posted by bcohen View Post
          Even if you were living in a "community property" state, it sounds like you owned this house for 3 years prior to the marriage taking place, so "community property" would not attach. The house is your sole and separate property, as your wife's name wasn't even on the deed or mortgage. The fact that she contributed toward renovations, which presumably were wanted by her, does not magically make the house 50% hers. Also, a marriage which lasted for a mere 2 years shouldn't entitle your soon-to-be-ex-wife to much of anything! You need to hire a decent attorney and fight back hard, so you don't get raked over the coals!
          Yes, it was and is soley in my name. We "found" it together and she lived there day one though.

          I'm in VT, and judges have very broad discretion, and they excersise it. I was advised- a judge can do anything, by a attorney. Not sure if we are a community property state or not.

          Comment


          • #6
            In equity States, a domestic relations judge hearing a divorce case has so much discretion that you can't really tell what is going to happen. A "short" term divorce should have nothing (at least in Florida that would be very short term). The problem that most people have when they try to do things without an attorney, is that each party often thinks they deserve something. This is especially true when there is "property" involved and there is equity (no matter whether it is true or not).

            In equity States, especially here in Florida, once you are married then any income is "community" income and the payments towards the mortgage are done with "community" property. The judges often opine that any equity built from that time is marital (community) property subject to distribution. It's crazy even when only one party works, but especially more likely when both party worked during the marriage. (I am speaking from experience.)

            If I were to do an uncontested divorce and she wants some of the equity in the property, that would be subject to the proceeds after sale and conditioned upon an actual sale (not that I would give my ex $XXX after XX months). This is why we get attorneys and end up spending thousands to save thousands (sometimes to save nothing but to make sure that we don't enter into an MSA -- marital settlement agreement -- that is poorly drafted).
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog


            I am not an attorney. Any advice provided is not legal advice.

            Comment


            • #7
              Judges in any state have "broad discretion", hence why you need a good attorney. The last thing you want to do is be forced to sell your house, only to receive little or no equity, and then have to pay even more per month just to rent an apartment!

              Comment


              • #8
                Get an attorney. You'll spend considerably less than the 10k most likely. If she doesn't want to get an attorney that's her problem.

                I went through a similar situation, where I wanted to be "reasonable" and "fair" with my ex. If I had it to do over again I'd hire an attorney and let her twist in the wind. Your only obligation is to yourself (and any kids), so make sure your rights are protected.
                This post does not constitute legal advice. If you use this advice instead of that of a lawyer, God help you.
                Filed CH 7: 5/11/17 341: 6/12/17 Discharge: 8/14/17

                Comment

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