Forbes on Bankruptcy After Divorce

“Some people are pushed into bankruptcy by their former spouse. Let’s say they owned a house together but they either don’t want to sell it (because they want the children to keep living there) or they can’t sell it because it’s upside down. One of them agrees to pay the mortgage; it might be the spouse who lives there, or it might be the ex who is supporting him or her. But the mortgage doesn’t get paid. Maybe that spouse eventually files for bankruptcy, and the other one ends up having to file in order to keep the house and catch up on payments, or to discharge their responsibility for the remaining loan.”

What this Forbes article does not spell out is that professional misconduct plays a large role in ensuring that at least one of the parties doesn’t make it – meaning they are not able to maintain stability, to prosper, and to give the best they have to their children. Their best has been undermined and taken away. Many mothers and fathers are filing bankruptcy following divorce and child custody cases, but we believe much of this loss could be avoided.

Avoid BankruptcyWhen you review billing records and communications with child custody experts and between attorneys, you can see that, unfortunately, this is intentional in some cases. It is these cases we refer to when we ask authorities to review cases.

Forbes contributor Emma Johnson makes a sound argument here for paying attention to your credit score and working to protect yourself, but make sure you’re aware of the diligence needed in selecting professionals who will not aim for breaking the bank – your bank – in your family law or child custody case.

Financial matters are a key focus for our professionals belonging to our Resource Directory and for those featured on Pro Advocate Radio.

 

Check out ProAdvocateRadio.com to learn more from one of our financial advisors, Wendy Hayes. Wendy is a Certified Divorce Financial Analyst and is committed to helping families reset priorities so that their financial resources and time are preserved for themselves and for their children. Listen here to Wendy’s sound counsel.

About Public Information Officer

Deb Beacham of Atlanta is the founder of My Advocate Center, Inc., a Georgia non-profit corporation created in 2011 to serve the rapidly growing needs of families and children caught in conflict.

What is Solutions-Based Journalism?
Researching and reporting are being leveraged in the development of creative solutions to help families preserve their time, energy, financial resources and homes for the benefit of their children. Public awareness and engagement are key so Ms. Beacham launched programming for professionals serving families, reaching more than a million listeners across the metro Atlanta area. Pro Advocate Radio will be announcing its next series in 2017.