Legal Question in Bankruptcy in Kentucky

Bankruptcy, divorce, sale of home

I have a home,which has very little equity in it. My spouse and I are preparing to file for bankruptcy, and are also considering divorce. What are the benefits or other legal ramifications to our selling the house prior to the divorce and/or bankruptcy?


Asked on 8/24/03, 9:31 pm

1 Answer from Attorneys
Steven Schiller Steven L. Schiller, Attorney at Law

Re: Bankruptcy, divorce, sale of home

Often, if you are contemplating bankruptcy as well as divorce, it is best to file bankruptcy first, as you can file jointly (two for cost of one), and the bankruptcy may also considerably simplify the divorce (because you won't have to fight over who will be responsible for the bills). Also, it might eliminate having to struggle to sell the house: if there is actually little or no equity, in a bankruptcy situation, the house can be surrendered to the mortgage holder, who would then be responsible for any sale. Please let me know if you would like to discuss further at a no cost consultation. My number is 859-261-6811.

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Answered on 8/25/03, 1:57 pm


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