buyshoes
recently joined
Reged: 08/28/07
Posts: 5
|
|
I think that my husband is trying to use a 'bankruptcy' threat as leverage to get me to settle (out of court) for a lesser amount than a judge may honor... I'm confused and somewhat scared. Is he trying to bully me? or can he drag me down through bankruptcy during the middle of a divorce?
|
TGSM
Carpal \'Tunnel
Reged: 02/06/05
Posts: 5843
|
|
I don't think he can file while you are in the middle of the divorce, but he certainly can after it's finalized. Be careful, a lot of people on here have been screwed post divorce by their ex filing bk on joint debt split in the divorce. If you think he is capable of doing that, maybe take on all the debt, but get more in assets to pay it off.
--------------------
Faith-a f*rm belief in something for which there is no proof...complete trust.~Merriam Webster
|
Gecko
Carpal \'Tunnel
Reged: 06/01/04
Posts: 19804
Loc: Third rock from the sun
|
|
Yes, bankruptcy CAN be filed in the middle of a divorce and effectly stop it or bifracate it...the latter meaning that you can get a divorce, but certain issues...like assets/liabilities won't be settle until later.
Personally...bankruptcy is not that much of a "threat" because you can also file bankruptcy. Depending on the extent of the marital estate...this can be good or bad. Good in that if you have extensive debt, a bankruptcy can help eliminate it; bad that if you have a lot of assets, you can lose them and of course, it will be on your credit records for 10 years.
--------------------
If you air your dirty linen in public, expect people to comment on the skid marks!
|
buyshoes
recently joined
Reged: 08/28/07
Posts: 5
|
|
Well my situation is rather 'messy' - my clever husband has 'convienently' spun a web of debt in '06 ~ and promptly asked for a divorce 6 mo ago. LY we filled 2.6M and consequently have 1.5M in IRS debt... although we have ~6M in assets (all in debt/mortgaged aka: web of debt). On paper we ARE in debt & he's suggesting to give me a 'settlement' (roughly 65K) to send me and the kids off on (to use his words) 'life raft'....before he files bankruptcy. I think he might be trying to scare me - he's telling me that a judge will make me responsible for 1/2 the IRS debt & we should settle out of court to avoid me/kids 'going down with the ship'. I'm rambling and confused... advise for the uniformed?
|
TGSM
Carpal \'Tunnel
Reged: 02/06/05
Posts: 5843
|
|
You definately need to talk to an attorney with those kinds of numbers at play. If the IRS debt is in both of your names (ie you filed jointly), then yes the judge could make you responsible for up to half the debt. Also, your STBX needs to be careful, there are very strict rules about BKing back taxes...he may not be able to add them to a BK at this point in time. You both need legal guidance.
--------------------
Faith-a f*rm belief in something for which there is no proof...complete trust.~Merriam Webster
|
Miranda
Carpal \'Tunnel
Reged: 06/02/05
Posts: 20822
Loc: North of Mexico
|
|
The IRS debt could be counted against you. That is a federal entity and I don't think a state court can asess IRS debt. If you were married then it belongs to you as well as him.
I put off marrying my husband until he paid off his IRS debt because I wanted NO PART OF IT.
--------------------
13.1...because I am only half crazy!
|
Gecko
Carpal \'Tunnel
Reged: 06/01/04
Posts: 19804
Loc: Third rock from the sun
|
|
If you signed the tax return, then you are half liable for the tax debt and it doesn't matter what the Judge orders because it's NOT the IRS's problem that ya'll are getting a divorce.
Also...the tax debt will NOT be discharged through bankruptcy.
Instead of wasting your time on websites like this looking for assistance, you really need to be talking to attorneys...both divorce and bankruptcy. From what you're saying, it's going to get very complicated soon.
--------------------
If you air your dirty linen in public, expect people to comment on the skid marks!
|
buyshoes
recently joined
Reged: 08/28/07
Posts: 5
|
|
Thanks all for your advise... our attyns are sitting and waiting to see what STBX will offer as a 'settlement'. We have a meeting tomorrow a.m. I'm leary since he's adamant about keeping this out of court and settling in mediation. I've spoken to all financial institutions and personelle...the books are frightening! I had NO IDEA! I'm just not sure if he's trying to be a bully by the financial threats OR if he's actually going to be sincere. But WHY would you bury yourself fiscally and be so pushy in regards to getting a divorce? Smells fishy!
|
Previous
Index
Next
Threaded
Edit
Reply
Quote
