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Question about my ability to file BK, maybe unusual circumstances..


csTrain
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so I have roughly 40k in CC debt, and maybe 10k in medical debt (cancer). CC debt goes back to 2008, medical to 2010 mostly. Now, I believe I would be best served by filing BK. I am married but divorce is coming soon, by me. I make roughly 40k a year. Now here's where it gets tricky. I am a member of a Limited Partnership that my grandparents established for the grandchildren. I have a house that I built (not competed) with funds from the limited partnership, that I repay as a mortgage payment. The house is not completed, it's taking a couple years since I had health problems, but the house is not worth as much as I have borrowed from my LP on it. My wife makes quite a bit more than I do, significantly I'd say (150k range). Now, how will my BK be received? I am assuming I should do it after filing for Divorce so it's a cleaner BK. Am I right?

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  • 3 weeks later...

If your wife makes that much more, I would guess that there's a non-zero chance that the divorce will result in you having enough assets to get rid of the debt without bankruptcy, or at least reduce it to a more manageable level for your income. If that doesn't happen, look at it again then. Focus now on getting a good attorney, and remember: Child support is for your kids, not your wife, no matter how much she makes. Hold tight to that, and make sure your kids know that you're doing right by them, even with the disparity. You've clearly got a good work ethic. (And make sure you prioritize seeing them between now and then, even if it's weird/awkward.)

So get the good divorce attorney first, see how everything looks when you're on the other side.

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  • 2 weeks later...
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