How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask FiveStarLaw Your Own Question

FiveStarLaw
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36403
Experience:  Bankruptcy Lawyer. Experienced.
Type Your Bankruptcy Law Question Here...
FiveStarLaw is online now
A new question is answered every 9 seconds

Id like an expert in bankruptcy law from Massachusetts to

Resolved Question:

I'd like an expert in bankruptcy law from Massachusetts to answer my question. If I have to declare bankruptcy, will I still have to pay the property agreement in my divorce agreement? I divorced in 2002, the agreement stipulated that when my daughter turns 18 (May 2010), I'm to sell the house and give my ex $115,000 of equity. With the mortgage market downturn, there isn't even that much equity in the house. Also, I'm maxed out on credit cards because of my business suffering and ex reducing child support, but still have been able to meet the minimum credit card payments each month on time. However, they all just doubled my interest rates and now I'm scared I can't meet all the minimums. I don't know why they would do this because I'd think they wouldn't want to jeopardize me missing payments by making it harder! I don't want to do anything to further decrease my FICO score. I'm really worried and don't know what to do about this. Thanks for your help.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 4 years ago.
Hello,.

Bankruptcy is a creature of both federal and state law. Although I am familiar with Massachusetts bankruptcy law, the dischargeability and treatment of property settlement agreements is governed by federal law and not state law.

Section 523 of the Bankruptcy Code excepts from discharge both property settlements and support obligations.This means that you would still need to pay the property settlement outlined in your divorce agreement.

You can read the Code here:
http://www.law.cornell.edu/uscode/html/uscode11/usc_sec_11_00000523----000-.html


I hope that the information which I provided was helpful to you.


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


Thank you,
FLAandNYLAWYER
Customer: replied 4 years ago.
Thanks you for your answer. Since I don't have any way to pay out this property agreement, and bankruptcy doesn't except it, what should I do?
Expert:  FiveStarLaw replied 4 years ago.
consider filing a chapter 7 bankruptcy to eliminate all of your unsecured debt.after your bankruptcy is complete, consider filing a petition with the court where you were divorced for modification of the property settlement agreement based upon the change of financial circumstances.
Customer: replied 4 years ago.
Are you absolutely sure in Massachusetts I can file a petition with the court for modification of the property settlement agreement based upon the change of financial circumstances? A Mass. attorney told me a year ago this was not possible. Why would I have to file Chap 7 first? Why Chap 7 instead of Chapo 13?
Expert:  FiveStarLaw replied 4 years ago.
I will defer to the Massachusetts attorney considered in the modification of the property settlement.

A Chapter 7 would result in an elimination of most unsecured debt. A Chapter 13 would reorganize the unsecured debt to pay over a period of time.
Customer: replied 4 years ago.
I would like a Mass attorney to help here, as I stated in my first submission today. Can just answer forward to a mass attorney?
Expert:  FiveStarLaw replied 4 years ago.
you can resubmit your 2nd/3rd question concerning modification of your property settlement agreement to a Massachusetts expert. However I have completely and thoroughly answered your initial question and I would appreciate it if you would click accept so that I am paid for my work. Thank you in advance.
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36403
Experience: Bankruptcy Lawyer. Experienced.
FiveStarLaw and 2 other Bankruptcy Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.