Foreclosues Repossessions Divorce and Bankruptcy

All too often Divorce and financial problems go hand in hand. Money , How to spend it , who creates the budget, joint accounts and elements of trust all converge into the marriage dynamic. Unfortunately, this mix all too often ends poorly in conflict , stress, and recrimination. While Chapter 7 and Chapter 13 do not solve the underlying marital issues, they may provide an alternative to the stress and money problems couples experience. Both bankruptcy’s eliminate debts but in different ways. For most the Chapter 7 is the best way to proceed. It eliminates credit card debt, check cashing loans, loan debt and much secured debt such as a house , automobile, furniture note, appliance note. This does not mean the bankruptcy filer gets free goods. It provides an opportunity for the debtor to select what they can afford or wipe out all debts and provide a fresh start to their financial picture. There is life after Chapter 7 and/orĀ  Chapter 13. The filer rebuilds his and her credit incrementally through better choice management and the understanding that they have a new start free of debt. They often find more disposable income and are less likely to make the same choices that lead to the filing . Nevertheless, medical issues, job loss and economic slowdowns are real world factors that may have brought about the cascade of debt. Bankruptcy law is here to provide the debtors protection from foreclosure, automobile repossession, property seizure and creditor harassment. TK for BK.