Divorce and bankruptcy may put a person on the road to financial Freedom

Divorce and bankruptcy may put a person on the road to financial Freedom


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Jenny Brooks, 32, made a decision to relocate with her husband from Coos Bay, OR to Birmingham, AL. Her husband transferred from his company and she found a better job. However, her new employer went bankrupt soon after the couple moved. Jenny lost her job and the couple was on the brink of bankruptcy. The couple did not divorce; however, the job loss put a strain on their relationship. For many Alabamans, the loss of a job, from one spouse or both can facilitate a couple getting a divorce. Who gets the house — in the case of a divorce – and, can one or both spouses lose a house, if they get a divorce?

 

Divorce lawyers in Birmingham, AL can help couples to save the house and not lose everything. Some couples think, if their house is in the middle of foreclosure, they will lose everything by divorcing. Filing for bankruptcy, if you are , may change how much your husband or wife owes you or what debts he or she owes. Should a couple file for Chapter 7 or Chapter 13 Bankruptcy and how does filing for bankruptcy protect a former couple’s home from being sold? Divorce lawyers in Birmingham, AL can help couples through a divorce and help spouses protect their assets.

 

Thanks to changes in 2005 bankruptcy laws, few people lose their property in the event of Divorce

 

Studies have shown that 98 percent of the people — who could file in 2005 and did not — they were eligible to file for bankruptcy. It is best to talk to divorce lawyers in Birmingham, AL. They can discuss your filing options or determine what debts may be dismissed, if you file for Chapter 7 or Chapter 13 Bankruptcy. Filing for Chapter 7 Bankruptcy may help you gain your financial freedom from debt and allow you to purchase a Birmingham house. One woman was able to dismiss her debts through a Chapter 7 Bankruptcy and a year later, she purchased a house.

 

How is it possible for a person to go through a divorce and still be able to get a mortgage loan a year to three years later? There are many divorce lawyers in Birmingham, AL. You only have to find the one divorce lawyer that will help you plan for your financial future, while you are going through a hard time. A good divorce lawyer can suggest things you can do to improve your credit score and allow you to qualify for a lower car loan interest rate.

 

Divorce lawyers in Birmingham, AL can tell you home ownership is still obtainable after a marriage Ends

 

However, it may mean you have to wait one to three years before being able to get a home mortgage after your Chapter 7 Bankruptcy has been discharged. If you manage your credit score and have good employment while going through bankruptcy, it can be in your favor. Divorce lawyers in Birmingham, AL can tell you these things can be important. There can be special laws that apply during any bankruptcy and divorce proceedings, so it is helpful to ask your divorce lawyers in Birmingham, AL about the specifics of your individual case and how it may affect your newly purchased or long, lived-in home.

 

Haven’t you ever wanted to own your own house? Why let bankruptcy or divorce stop you from your dreams of home ownership? In some cases, bankruptcy can free you from financial debt and help you qualify for a mortgage loan. Visit us at dsprealestate.com to see how we can help you find the perfect house, after you have filed for bankruptcy and/or divorce.

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