Legal Question in Bankruptcy in Tennessee
Divorce and Personal Bankruptcy
I am in the middle of a divorce being filed in Maryland. I live in TN. There is no seperation agreement in place, as my ex is arguing over who gets one of the cars (it is paid for). We have a house w/2 mortgages and some shared credit card debt. I am signing over the house to her and she is to assume the shared debt. I have recently been sued over a failed business venture by the company I leased my equipment from. That judgement, combined with my existing personal, non-shared debt and my being unemployed for the past 4 months leads me to look into the need to declare bankruptcy. Can I? And how will it affect everything?
2 Answers from Attorneys
Re: Divorce and Personal Bankruptcy
You appear to have two options in bankruptcy.
First, a Chapter 7 if you seek to liquidate once
and for all the debts that are plagueing you.
Two, a Chapter 13 if you seek to repay your
debts over a 3 to 5 year time span.
If children are involved in your divorce,
child support payments cannot be liquidated
in bankruptcy.
Re: Divorce and Personal Bankruptcy
Divorce and bankruptcy have many inter-relationships. When you throw and inter-state divorce into the equation it can get more complicated. Bankruptcy is a tool. Like any other tool it has its uses and abuses. Whether to file bankruptcy is a complicated question which should be taken on a case by case basis.
The questions you have asked are very important. I often help individuals through very difficult issues like yours.
I cannot answer questions, give legal advice, or quote fee rates over e-mail for several reasons. First, in order to answer questions, I may need to ask you several questions or review documents. Also, because there is no confidentiality with e-mail, some authorities have said that I would be in violation of ethical restrictions. Additionally, if you are already represented, I need to know that in order to ethically render legal advice. Finally, please understand that I make my living rendering legal opinions.
Feel free to call Karen Nickelson, my paralegal, at (901) 527-5522, and set an appointment for an in-person consultation or a telephone consultation. Karen will be glad to assist you with any additional questions about our services or fees.
I would appreciate you letting me know where you live.
Additional information may be found about my firm or me at:
Crone & Mason, PLC -
www.cronemason.com
Thank you,
Alan G. Crone
Crone & Mason, PLC
Eight S. Third St., Fifth Fl.
Memphis, TN 38103
www.cronemason.com
(901) 527-5522
(901) 529-1432 fax
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