Bankruptcy and Divorce

Some of my best friends have been bankrupt and some divorced. At least one has gone thru both. One went into an attorney’s office and said “I want a divorce and I want to declare bankruptcy.” The lawyer asked, “what does your wife think of this idea?” “I haven’t asked her.” That person has had three divorces which never cost him a dime and continues to have a great relationship with all of them. Following his first divorce, the former wife gave him an allowance of $1,500.00 per month. The second gave him a house to live in on her property in the country and we will wait to see about the 3^rd wife.

Bankruptcy and divorce has become much more acceptable and almost expected in today’s culture. My wife and I have been married to each other for 50 years. It has been my pleasure.When post moderns hear this they look like a deer caught in the head lights. They look puzzled like ‘I have never heard of such a thing,’ or ‘they must surely be in the book of records.’ No, not a record, it just ran in my family. When we made a commitment, we meant it. If at times it was not all fun and games, we worked on it and resolved the problem. Someone once said, “we don’t believe in divorce, but murder is an option.”

If you believe that you and your partner are headed for divorce, and you both have a lot of debt between you, it might be a good idea to decide to file for bankruptcy before you begin to file for divorce. This will pave the way for the divorce to proceed much more easily because it will allow you to get rid of some of your debt and to clear the way for a clean break. If you can file for bankruptcy, then you can have a better idea of how to deal with the debts that do remain between the two of you. It will also mean that if your ex files for bankruptcy later on down the road, you can be protected because you are going to take care of your debts before the divorce.

The way it works is rather simple. When one or both of the spouses file for bankruptcy, all of the property that has been shared by both of them will become a part of the estate and will then be available to pay for the debts. This will also mean that you have been granted an automatic stay, which means that the creditors can’t hound you for money. Remember that this stay does not prevent you from getting spouse or child support from your ex. The next thing that will happen is that the bankruptcy court will decide what shared property is exempt from the bankruptcy, meaning that it cannot be sold in order to pay for your debts. Then, the divorce court can divide that property between you and your ex spouse.

If you are trying to negotiate property settlements, and also going through bankruptcy, you are going to be dealing with very complicated issues. Some of the debts that might be related to a property settlement might not be wiped out during the bankruptcy, so you will still need to pay them. However, these debts can be wiped out if you can show that you can’t pay the debt and still take care or yourself or your children, or that if you wipe out the debt it is going to be better for you than the harm that would be done to the people that you owe by not paying it. This means that if you think your spouse is going to consider filing for bankruptcy after the divorce is final, you need to make sure that your finances are squared away so that you aren’t going to be faced with any more debts.

Frankie says ‘kiss and make up’ and keep it together.

Important H1N1 Health Tips

The H1N1 virus is no joke. The following information was received from Linda C Flores, Research Study Coordinator at the University of Texas Southwestern Medical Center which is definitely worth sharing. The only portals of entry for H1N1 virus are the nostrils and mouth/throat. In a global epidemic of this nature, it's almost impossible to avoid coming into contact with H1N1 in spite of all precautions. Contact with H1N1 is not so much of a problem as proliferation. While you are still healthy and not showing any symptoms of H1N1 infection, in order to prevent proliferation, aggravation of symptoms and development of secondary infections, some very simple steps, not fully highlighted in most official communications, can be practiced (instead of focusing on how to stock N95 or Tamiflu): 1. Frequent hand-washing with warm to hot water and a good soap for at least 2 minutes. 2. "Hands-off-the-face" approach. Resist all temptations to touch any part of face (unless you want to eat, bathe or slap). 3. Gargle twice a day with warm salt water (use Listerine if you don't trust salt). H1N1 takes 2-3 days after initial infection in the throat/nasal cavity to proliferate and show characteristic symptoms. Simple gargling prevents proliferation. In a way, gargling with salt water has the same effect on a healthy individual that Tamiflu has on an infected one. Don't underestimate this simple, inexpensive and powerful preventative method. 4. Clean your nostrils at least once every day with warm salt water. Not everybody may be good at Jala Neti or Sutra Neti (very good Yoga asanas to clean nasal cavities), but blowing the nose hard once a day and swabbing both nostrils with cotton buds dipped in warm salt water is very effective in bringing down viral population. 5. Boost your natural immunity with foods that are rich in Vitamin C (Amla and other citrus fruits). If you have to supplement with Vitamin C tablets, make sure that it also has Zinc to boost absorption. 6. Drink as much of warm liquids (tea, coffee, etc.) as you can. Drinking warm liquids has the same effect as gargling, but in the reverse direction. They wash off proliferating viruses from the throat into the stomach where they cannot survive, proliferate or do any harm. I suggest you pass this on to your entire e-list. You never know who might pay attention to it - and STAY ALIVE because of it. Linda C Flores Research Study Coordinator UT Southwestern Medical Center Simmons Comprehensive Cancer Center 5323 Harry Hines Blvd Dallas, TX 75390- 9179 Tel: (214) 648-7042 Fax: (214) 648-1906 linda.flores@utsouthwestern.edu www.utsouthwestern.org

Bankruptcy: A Matter of Pride

Bankruptcy is a financial technique in which you declare that you cannot repay your creditors now or see a way to repay them in the future. Depending on your income and the amount of money you owe, an individual may declare chapter 7 or chapter 13 bankruptcies. However, in either case, bankruptcy is a fairly public affair. Your name and address will be published in at least one of the local newspapers for all of your friends to read, and your neighbors will see movers coming to repossess some of your items. For many people, the worst part of bankruptcy isn’t losing the money; it’s losing pride and dignity.

The first way to deal with this is to realize that most of your friends and family have gone through money problems at one time or another in their lives. Although they may not have resorted to bankruptcy, there is no question that only the very lucky do not feel smothered by debts at one point or another. Simply put, people will understand. Even though you may feel like everyone is snickering at you behind your back, the truth is that most people are actually empathizing with you. “There but for the grace of God go I.”

Also realize that not everybody will know you’ve declared bankruptcy. Most people do not take the time to read the newspaper that carefully, and even though word does travel fast, it is not a topic that most people will bring up because it simply is not that interesting. You might feel like you’re the headlining news, but in actuality, most people probably didn’t even know about it.

It is important to continue with the process, even if people do find out. If you are embarrassed, simply understand that so our all of people in this country who are going through the same thing. You are not alone. In fact, you may be able to get counseling to help you go through the bankruptcy process. You may be surprised at how many people have declared bankruptcy many times and gone on to be very successful. The Donald for one.

If bankruptcy is the best thing for your family and your financial situation, it is most important that you continue with the declaration. Take care of yourself first, then worry about what other people have to think. The most important thing is NOT what your neighbors have to say, but instead what you are doing to get yourself back on track financially so that your future will be brighter, and it will.

Much of your future depends on your attitude now. Don’t give up and don’t waste a lot of time blaming anyone else for your plight. Stuff happens and there is enough blame to go around.

You think bankruptcy is bad, well there are worse things and Frankie will talk briefly about that next time.

Keep the faith, but not to yourself.