divorce real estate: Bankruptcy Busts Divorce Home Equity Buy Out under Chapter 13 - Personal Reorganization
- 01/14/09 11:27 PM
Bankruptcy after divorce can undo a lot of what your divorce did, especially regarding who pays what (that is, the allocation of debt). Under the 2005 amendments to the federal bankruptcy code (Bankruptcy Abuse Prevention and Consumer Protection Act or "BAPCPA"), if your spouse kept the house and is paying you for your share of the house equity over time... you are at risk. That is because under Chapter 13 reorganization (the easier form of personal bankruptcy to qualify for), home equity debts - technically non-support domestic obligations - ARE dischargeable. Discharge in bankruptcy "wipes the slate clean," meaning the debtor (e.g. … (1 comments)
divorce real estate: Divorce Derails House from Handshake Inheritance
- 01/11/09 02:44 AM
My first LIVE caller during a Colorado radio interview highlighted another hidden danger from divorce real estate: To help their adult son get back on his feet financially, the parents gifted an "early inheritance" to buy a fixer-upper. But with the son's credit issues, only the parents were named on the house title and mortgage. Fast forward a few years and two new developments: happily the fixer-upper is fixed (by the son) and the house has appreciated in value sadly the parents are now divorcing The divorce rub: one parent confirms the son's house is an inheritance but the other wants … (0 comments)
Divorce the house before the spouse January 9, 2009 By Lew Sichelman Splitting up after years of marriage? Divorce your house, then your spouse."If you're still linked through the house, then you're not really divorced," says Kelly Lise Murray, a Harvard-trained lawyer and Nashville real estate agent. That bit of advice goes against the almost universal desire to hang on to the family home, especially by the spouse who ends up with custody of the children. Indeed, the … (2 comments)
divorce real estate: Divorce Dish (es) about Divorce This House (tm)
- 01/08/09 10:35 PM
From the Divorce Dish Blog by Lisa Decker, www.DivorceMoneyMatters.com Kelly Lise Murray, a Harvard-trained lawyer and Nashville real estate agent has some interesting ideas and insight when it comes to divorce and the family home. www.DivorceThisHouse.com We spoke recently and look forward to do some complimentary work to help clients, and their attorneys, understand all why the family home can continue to be a money pit even after the divorce is over. Another reason to make sure you understand all the issues regarding the financial aspects of your divorce! http://tinyurl.com/5hyx8k … (1 comments)
divorce real estate: You're not really divorced if you're still linked through your house
- 01/08/09 05:05 AM
Divorce This House was featured in the Los Angeles Times on Sunday, January 4, 2009 - wow! http://www.latimes.com/business/la-fi-lew4-2009jan04,0,5952121.story HOUSING SCENE Keeping the house makes for a messy divorce It's not just a matter of who keeps the home. Loans, liens and other financial issues can preclude a clean split. By Lew Sichelman January 4, 2009 Reporting from Washington -- Splitting up after years of marriage? Divorce your house, then your spouse.That bit of advice goes against the almost universal desire to hang on to the family home, especially by the spouse who ends up with custody of the children.
divorce real estate: Hidden Time Bomb in Suggested Solution for Divorce Real Estate
- 01/06/09 10:49 PM
Regarding divorce real estate, I received this morning the following message via Active Rain: best solution to date is utah, wife files, husband keeps home, kids, wfe takes apt., two jobs, pays support, has visitation, youngest child turns of age, house divided at that time. The hidden dangers of delayed sale/joint home ownership AFTER divorce essentially create a time bomb for either or both spouses. One specific danger (among many) - post divorce liens. Utah is an equitable distribution state, and debts of either spouse after divorce can be recorded as liens against the title to the former family house. Because liens … (4 comments)
Bankruptcy after divorce can undo a lot of what your divorce did, especially regarding who pays what (that is, the allocation of debt).;)
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