Divorce Foreclosure - Options In Bankruptcy
Dealing with a divorce and options in divorce foreclosure might seem to be two different things. But it isn't. If you have found yourself in this situation, you are not alone; many people find themselves in these situations at one time or another. No matter how experienced you are at handling your finances, there will come a point in time when you will need to look at your financial situation again and decide whether or not you are able to handle your current financial situation. This is when an outside professional, such as a bankruptcy attorney, can help you work through your options in divorce foreclosure. So what exactly are the options in divorce foreclosure?
The first option is to wait. If you are able to wait until the lawsuit has been dismissed or the process has been delayed, this is obviously the best choice. However, sometimes spouses get a divorce a few months or even years after filing, so if you have not been able to pay your spouse, it may be better to try to settle the debt now rather than waiting until the divorce is final. Remember that the goal of the filing process is to provide you with a final decree that defines the terms of your divorce and any other relevant financial stipulations.
The second option is to attempt to pay your spouse in full. If you have access to the funds that will be required to pay your spouse's share of the costs (spouse's insurance, alimony, etc), https://foreclosure-type-non-judicial.blogspot.com/2021/02/foreclosure-type-non-judicial.html this can often be done without declaring bankruptcy. If you do not have such funds available to you, your best bet is to negotiate with your spouse on a payment plan. For example, if you agree to pay 50% of your spouse's monthly income, but you only need to pay that amount, this is often the best option. The idea here is to pay your debts in such a way that they become affordable and that neither you nor your spouse is adversely affected.
Another option in divorce foreclosure is to pursue loan modification. If your home qualifies for a mortgage modification and you have a low debt-to-income ratio, you could qualify to have your loan modified. This will allow you to keep your home even if you do not have sufficient funds to make your monthly payments. To learn more about loan modification and other options in divorce foreclosure, contact an experienced attorney who will be able to provide you with guidance and information.
One final option is to file for Alimony. This is not an easy option for most men and women. Usually, Alimony is awarded based on the marital income and the standard of living of the spouse receiving it. Unfortunately, many couples are unable to agree on an Alimony payment schedule. If this occurs, the court may impose a temporary Alimony order that requires each spouse to pay a percentage of their spouses' current income.
The above are just some of the possible options in divorce foreclosure. While most of these options do not necessarily require you to file for bankruptcy, they do have serious financial consequences if you do file. Thus, it is important to understand all of your options, so that you can make the best decision for your financial future. Your best option is to contact a bankruptcy attorney if you need help evaluating your options.