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  1. #1
    Join Date
    Jul 2008
    Posts
    1

    Question Divorce Or Bankruptcy?

    My question involves bankruptcy in the state of: FLORIDA
    I made many financial mistakes during the laste three years and I lost it all.
    I have been also separated for the last three years. We never file for divorce due to the fact that we were selling the house .Real estate went down in South Florida. We lost $200,000 in equity during the last 18 months.
    Our home has two mortgages that total $350,000. The house is now worth $280,000.
    We have two cars ( paid for). We also owned free and clear three pieces of land in Daytona Beach probably worth $50,000 dollars .
    I ran my woodworking business for the last two years and had to close it due to industry slowdown. My total unsecured debth is $70,000
    My wife wants to file for a divorce before I file for bankrupcy on my own
    She does not want to loose her car (if we file jointly) and wants to hold on the land
    Should I let her file for divorce ?? If she does, I have to wait one year to file for BK . She wants me to transfer the tilte of her car to my 18 yr old daughter
    My atorney advises me to proceed with the bankrupcy case and lose all of the assets!
    We are three months behind on the first and second mortgages
    What sould I do?
    Any advicce will be greatly appreciated! Please help!!! I need all kids of advise! Thank you in advance to off al the people responding to this post .Oscar from Florida

  2. #2
    Join Date
    Jul 2008
    Posts
    12

    Default Re: Divorce Or Bankruptcy?

    go with your attorney's advice, if not then get a second opinion

  3. #3
    Join Date
    Jun 2008
    Posts
    10

    Default Re: Divorce Or Bankruptcy?

    How much will you end up with in the end is the issue at hand. What does your attorney say you will wind up with if you follow his advice? Attorney advice is very often crap. He may have a better chance of getting a fee if you follow his advice. The fee is always his main goal.


    Have your attorney answer these questions in writing or get a new clod to work with.

    How much will you end up with if you file bankruptcy first

    How much will you end up with if you divorce first

    Is there any any conflicts in filing for divorce first then bankruptcy, i.e. will it be same result in the end?

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