Legal Question in Bankruptcy in Minnesota

Very confused. Husband wants divorce and says he will file chapter 7 bankruptcy after. He wants to sell/auction everything we don't divide up. My name is not on mortgage loan or business loan attached to home and business property, but my name is on the deed of our home. We have about $60,000 in unsecured debt, $225,050 left on mortgage with interest only payments. The business loan is $150,000 against the other property and our home. Market values have dropped to where our home is no longer worth more than the loans against and the pyment are very high. (1500) & (1000) We have several items valued items that have been gifts to our son over the years, mainly a older jetski, 4-wheeler and an older boat. What I need to ask is which do we do first? auction? bankruptcy? divorce? Lost here. worried about son loosing his stuff. Please answer as best you can and leave a number I could call.


Asked on 3/23/10, 1:02 pm

1 Answer from Attorneys
Sam Calvert Calvert Law Office

You have lots of issues here. I suggest you get yourself to two attorneys; one a divorce attorney (probably first appointment) and the other a bankruptcy attorney. Each will need to analyze the situation as to what's at risk. You look as though you are close to Fergus Falls, and you can probably find a bankruptcy attorney there or in Moorhead. I am in St. Cloud, which is probably a little out of your way.

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Answered on 3/28/10, 3:53 pm


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