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Well. I am about to join the chapter 7 statistic

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  • #31
    I'm not an attorney, but I understand that bankruptcy court is a court of limited jurisdiction. As it applies to bankruptcy, you may be able to discharge your debt to a creditor, but a post-filing marital support agreement could still be enforceable. If the agreement is ratified before filing, the way it's worded could dictate whether an aspect could be discharged in bankruptcy.

    I think that's why justbroke is suggesting that both attorneys work together.

    Comment


    • #32
      Originally posted by Nomoregreen View Post
      Federal court over rules state court. This was discussed in depth. Also the credit cards are in my name. My debt = I get to deal with it how I want.
      Actually, federal law is complementary to State laws in the same jurisdiction. Federal bankruptcy courts almost always defer to "underlying" State non-bankruptcy laws when determining certain things. If you sign a marital property settlement agreement and it's in the nature of support, the federal court will not only recognize it, but requires that it's non-dischargeable. Crafting the marital settlement agreement (MSA) properly so that things are correctly classified as non-DSO, when possible, is the art of two attorneys working together.

      Or, maybe your case is not complex at all and everyone will agree to keep any debt that they accrued during the union as their own separate debt in the MSA, you'll fly through this without the ex ever throwing a fit (said no one ever).

      This is why I can't offer any advice rather than strongly suggesting that both your bankruptcy and divorce attorneys speak to one another. If you're really in Texas, you are in a community property State and you may have community debt. Since I'm not an attorney and certainly not experienced at all with community property, community debt, or bankruptcy/divorce in Texas, I can't comment. I apologize for that. While I have experience with bankruptcy and divorce, I don't have such experience with them at the same time and in a community property Sate.

      I hope it works out for you.


      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


      • #33
        You guys are correct. My case is overly simple giving me certain advanteges....Both of my attorneys agree this is the best option for me. They explained it this way....

        I am the debtor on all of the credit card debt, and both car loans. Because the debt is my debt solely and she is not a co debtor, I would have assumed the debt in divorce anyway. Because I am the debtor I get to deal with the debt how I choose. This is why bankruptcy will over rule state court at this moment. We had a agreement she could keep her car and make payments and I would not repossess it. She failed to keep payments current and pushed me into bankruptcy before divorce was final.

        Comment


        • #34
          Well, The 341 meeting was boring. I got to witness 4 before mine, they all got drilled. When the trustee told me she was done with me I had this overwhelming feeling of "Really? That's it? work interrogations are worse...."

          Now I have a question, I have about 3K in bills coming up, can I cash out my Roth Ira, and keep the money before discharge?

          Comment


          • #35
            Originally posted by Nomoregreen View Post
            Now I have a question, I have about 3K in bills coming up, can I cash out my Roth Ira, and keep the money before discharge?
            If you exempted the IRA in the bankruptcy then it is exempt and yours. I never recommend that people steal from their future to pay for their present -- but that's me. If it is exempt then you could withdraw from any exempt source, but also never recommend doing that before discharge (or the trustee at least filing a Report of No Distribution).

            As an aside, I don't know any impact of any marital settlement agreement (MSA) that you may or may not enter with respect to your divorce. As such, I can only stress that you should review this only with your divorce and/or bankruptcy attorney (preferably both). I know that it should be a simple answer, but you have the divorce which adds complexity to just what part of that property is truly yours.
            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


            • #36
              It is my second retirement account. The small one. my other one is much larger.

              So the trustee told me she was going to recommend me for "Discharge, no asset."

              why is it not recommended to withdraw before official discharge?

              Comment


              • #37
                f
                Originally posted by Nomoregreen View Post
                why is it not recommended to withdraw before official discharge?
                In rare cases Trustee have filed a Report of No Distribution and later filed a withdrawal. My guess is that the Trustee may find something to administer after they already reported that there was nothing to administer. This is especially the case in "late discovered" assets.

                It's a personal recommendation so as to not cause any issues whereby the retirement account was not properly exempted or some other strange thing happens. I would at least wait for the Report of No Distribution before doing anything with assets because assets are still technically under the control of the Trustee until abandoned, the case is dismissed, or the case is discharged/closed.
                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


                • #38
                  This is probably a silly question, however: Does any of the $3k represent debts/obligations you incurred prior to filing? In other words, can they be included in your bankruptcy?

                  Comment


                  • #39
                    nothing I can include in bankruptcy. Tires is an example of the bill that came up.

                    Comment


                    • #40
                      Well my bankruptcy concluded. everything was discharged. Thank you guys for your help.

                      The 341 meeting with the judge was simple. She was extremely nice. I was actually surprised.

                      Comment


                      • #41
                        I just want to add, My credit score was in the 500s when I filed. It is currently 660 3 months after discharge. I did reaffirm a truck loan. Getting credit cards has not been easy though. I was able to get one Capital one with a $300 limit.

                        Comment


                        • #42
                          Congratulations on your Chapter 7 discharge!
                          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

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