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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Divorce final in May. Prior, immigrant ex w/ no credit built

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Divorce final in May. Prior, immigrant ex w/ no credit built recording studio in house using my credit. In settlement, I agreed he stays in house/studio w/3 years to assume the mrtg or sell. (it's in my name) I owe $380, worth MAYBE $425, a wash w/ fees so essentially little to no equity. Also personally financed his debt to me incl. back daycare, his 1/2 of shared debt, &my portion assets he kept ~$20k. also I agreed to b creditor for ~$30k/4 years at 10%. He has failed to pay ANYTHING other than mortgage. I am left with approx. $70k in unsecured credit card debt from our years together, I walked away with nothing but my kids & a computer. I have no assets, live in a rental with my kids, no support. I am a self employed designer, I make between $2k and $5k per month gross, ~$60k annually. Current on all debts, but killing me paying $2k per mo. in debt payments for what he kept?! Is bankruptcy a good option for me, and how does my settlement contract with my ex affect this?HELP!
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.


A Chapter 7 bankruptcy seems ideal in the situation you described. It may give you a fresh financial start.

A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets, if any, that exceed your exemption.

Here are the exemptions for Washington:


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.

Thank you,


Customer: replied 7 years ago.
my ex is living in the house, making the mortgage payments - he has not been paying child support or debt payments, but he has kept the mortgage up to date. I don't want the house anymore, but he is unable to assume the loan - can I force foreclosure, or sale? And the money that he owes me that we structured in payments and interest for 4 years, is that an asset that could be transferred to creditors or will I keep that agreement despite filing for bankruptcy? I would gladly hand it over, I don't want to deal with him anymore... anyway, if you could please clarify what would happen with house and contract I would appreciate it. I don't want to be sued for breach of contract if the house gets sold from beneath him, since we have a three year agreement and he has kept current.
Expert:  Ellen replied 7 years ago.

The trustee will assume your interest in the house and contract. The trustee may enforce any rights that you may have to lien or foreclose on the house. You cannot be sued for breach of contract since you are filing a Chapter 7 bankruptcy.
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