{"id":600,"date":"2020-02-13T01:35:37","date_gmt":"2020-02-13T01:35:37","guid":{"rendered":"https:\/\/kellybankruptcy.com\/podcast\/how-a-cheap-divorce-can-lead-to-a-bankruptcy-nightmare\/"},"modified":"2020-02-13T01:35:37","modified_gmt":"2020-02-13T01:35:37","slug":"how-a-cheap-divorce-can-lead-to-a-bankruptcy-nightmare","status":"publish","type":"podcast","link":"https:\/\/kellybankruptcy.com\/podcast\/how-a-cheap-divorce-can-lead-to-a-bankruptcy-nightmare\/","title":{"rendered":"How a cheap divorce can lead to a bankruptcy nightmare."},"content":{"rendered":"<figure class=\"wp-block-audio\"><audio controls src=\"https:\/\/www.kellybankruptcy.com\/wp-content\/uploads\/2020\/02\/cheap-divorce-can-lead-to-bankruptcy-disaster.mp3\"><\/audio><\/figure>\n<h2>Transcript:<\/h2>\n<p>Hello, this is <a rel=\"noreferrer noopener\" aria-label=\"Jeff Kelly (opens in a new tab)\" href=\"https:\/\/www.kellycanhelp.com\/about-us\/our-team\/jeffrey-b-kelly\/\" target=\"_blank\"><strong>Jeff Kelly<\/strong><\/a>. And in this podcast I would like to talk about how getting a cheap divorce can set you up for a possible bankruptcy disaster. Okay, the first way that I often see it and it&#8217;s usually in almost every case, the wife that&#8217;s left with the children is so desperate to get rid of nasty, horrible husband, that she will agree to anything without a lawyer. She signs the papers and literally gives everything to him. I cannot believe how often I see this situation.<\/p>\n<p>Go get an attorney. There are some attorneys who will defend mothers with children and they&#8217;ll collect all the attorneys fees from the the ex husband so it&#8217;s really tragic sometimes when I you know, I see Women with kids come in and there&#8217;s just not enough money to make the <a rel=\"noreferrer noopener\" aria-label=\"mortgage payment (opens in a new tab)\" href=\"https:\/\/www.kellycanhelp.com\/blog\/what-happens-if-i-miss-a-few-mortgage-payments-while-i-am-in-chapter-13\/\" target=\"_blank\"><strong>mortgage payment<\/strong><\/a> not enough money to cover electricity bills. In those situations, you know, honestly, bankruptcy doesn&#8217;t help if we&#8217;re in a house that you need to stay in and the future mortgage payments are too high. Maybe man, I hate it. And in most cases, it&#8217;s almost impossible to go back and undo a bad divorce. It&#8217;s much better to get an attorney from the beginning and avoid those rough situations. Another thing that I see that&#8217;s often very common is people will, you know, do the no fault divorce, no attorney and one spouse will sign their interest in the house over to the other spouse, and they&#8217;ll do it in the form of a quitclaim deed and they&#8217;ll date it and they&#8217;ll do all the stuff the directions tell them to do but the one thing that They forget or don&#8217;t know about is they don&#8217;t go and get it recorded in the local courthouse and the deed and the deed records. And that is a potential disaster. And I&#8217;ve seen it happen you know, sometimes the divorce order isn&#8217;t crystal clear who&#8217;s a word of the house. Somebody goes and files chapter seven and chapter seven trustees do what all chapter seven trustee do they search for assets, they do a land search and Ding, ding, ding, ding, ding.<\/p>\n<p>They find out that the person who&#8217;s in chapter seven has a half interest in a house with a lot of equity. And then, you know, when the other spouse pops up and says, Wait, I&#8217;ve got this quitclaim deed sitting right here in my hand. She signed it over to me long ago. Well, hey, you know what, if it&#8217;s never recorded, you&#8217;re going to have a big fight on your hands with the chapter seven trustee. total disaster and it&#8217;s a you know, the quitclaim deeds are a classic case of where being a cheapskate may save you a little bit of money in the short run, but can cost you big time in the long run. Another issue we often see come up in the divorce setting spills over into bank she is cosine lumps. And I it was so common for somebody to come in and meet with me and you know, we&#8217;ve got this viable case. But then we&#8217;re looking at you know, what is this cosine debt? What, what&#8217;s what&#8217;s going on here. And people most people who go through divorce think that if the divorce judge orders the other side to pay the <a href=\"https:\/\/www.thebalance.com\/does-co-signing-affect-credit-315368\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"cosine debt (opens in a new tab)\">cosine debt<\/a> that relieves them of all civil liability, and that is absolutely not the case. Now, it is true that if the other side doesn&#8217;t They could get hauled back into divorce court for contempt for not paying it.<\/p>\n<p>That is true. But that still doesn&#8217;t change your creditors right to go after both people who are co signed on the loan, doesn&#8217;t matter who&#8217;s first doesn&#8217;t matter who&#8217;s Second, the creditor gets to pick who&#8217;s the easiest target and that&#8217;s where they&#8217;re going to go after. Regardless of what the divorce order says they&#8217;re going to go after the easiest place to get the money. So kind of plain divorce and you&#8217;ve got a bunch of cosine debt, you need to make sure you understand everything before the order is finalised. Because maybe it might affect how you negotiate it might affect things you request. And a good divorce lawyer who&#8217;s trained and has experience can save you so much heartache in the future and keep you from getting set up for you know potential bankruptcy disaster. down the road.<\/p>\n<p>Again, if that quitclaim deed is not recorded, it does. It might as well not even exist. It&#8217;s got to be recorded. And the best thing to do is get an attorney who knows what they&#8217;re doing to help you with that kind of thing. At my law office, we specialise in <a rel=\"noreferrer noopener\" aria-label=\"chapter 13 (opens in a new tab)\" href=\"https:\/\/www.kellycanhelp.com\/chapter-13\/\" target=\"_blank\"><strong>chapter 13<\/strong><\/a> and <a rel=\"noreferrer noopener\" aria-label=\"chapter 7 (opens in a new tab)\" href=\"https:\/\/www.kellycanhelp.com\/chapter-7\/\" target=\"_blank\"><strong>chapter 7<\/strong><\/a>. I don&#8217;t do divorces at all. And I don&#8217;t do any real estate record stuff either. I know a lot of good Divorce Attorneys. If you need me to make a recommendation for you. I&#8217;d be happy to do that. But if you have debt hanging over your head and you need some help, give me a call at 770-881-8449 I&#8217;ve got office locations and Dalton, Dallas, Georgia, Douglasville Marietta cartersville Kennesaw and if you get a chance, check out my website <a rel=\"noreferrer noopener\" aria-label=\"www.Kellycanhelp.com (opens in a new tab)\" href=\"https:\/\/www.kellycanhelp.com\/\" target=\"_blank\"><strong>www.Kellycanhelp.com<\/strong><\/a> got a lot of blog posts. They&#8217;re also got a podcast at <a rel=\"noreferrer noopener\" aria-label=\"Kellybankruptcy.com (opens in a new tab)\" href=\"https:\/\/www.kellybankruptcy.com\/\" target=\"_blank\"><strong>Kellybankruptcy.com<\/strong><\/a> and give us a shout. We offer free consultations. And I look forward to talking to you. I&#8217;ve got a great team of lawyers here and a really awesome staff.<\/p>\n<p>Thank you very much for tuning in.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Transcript:<\/p>\n<p>Hello, this is Jeff Kelly. And in this podcast I would like to talk about how getting a cheap divorce can set you up for a possible bankruptcy disaster. Okay, the first way that I often see it and it\u2019s usually in almost every case, the wife that\u2019s left with the children is so desperate to get rid of nasty, horrible husband, that she will agree to anything without a lawyer. She signs the papers and literally gives everything to him. I cannot believe how often I see this situation.<\/p>\n<p>Go get an attorney. There are some attorneys who will defend mothers with children and they\u2019ll collect all the attorneys fees from the the ex husband so it\u2019s really tragic sometimes when I you know, I see Women with kids come in and there\u2019s just not enough money to make the mortgage payment not enough money to cover electricity bills. In those situations, you know, honestly, bankruptcy doesn\u2019t help if we\u2019re in a house that you need to stay in and the future mortgage payments are too high. Maybe man, I hate it. And in most cases, it\u2019s almost impossible to go back and undo a bad divorce. It\u2019s much better to get an attorney from the beginning and avoid those rough situations. Another thing that I see that\u2019s often very common is people will, you know, do the no fault divorce, no attorney and one spouse will sign their interest in the house over to the other spouse, and they\u2019ll do it in the form of a quitclaim deed and they\u2019ll date it and they\u2019ll do all the stuff the directions tell them to do but the one thing that They forget or don\u2019t know about is they don\u2019t go and get it recorded in the local courthouse and the deed and the deed records. And that is a potential disaster. And I\u2019ve seen it happen you know, sometimes the divorce order isn\u2019t crystal clear who\u2019s a word of the house. Somebody goes and files chapter seven and chapter seven trustees do what all chapter seven trustee do they search for assets, they do a land search and Ding, ding, ding, ding, ding.<\/p>\n<p>They find out that the person who\u2019s in chapter seven has a half interest in a house with a lot of equity. And then, you know, when the other spouse pops up and says, Wait, I\u2019ve got this quitclaim deed sitting right here in my hand. She signed it over to me long ago. Well, hey, you know what, if it\u2019s never recorded, you\u2019re going to have a big fight on your hands with the chapter seven trustee. total disaster and it\u2019s a you know, the quitclaim deeds are a classic case of where being a cheapskate may save you a little bit of money in the short run, but can cost you big time in the long run. Another issue we often see come up in the divorce setting spills over into bank she is cosine lumps. And I it was so common for somebody to come in and meet with me and you know, we\u2019ve got this viable case. But then we\u2019re looking at you know, what is this cosine debt? What, what\u2019s what\u2019s going on here. And people most people who go through divorce think that if the divorce judge orders the other side to pay the cosine debt that relieves them of all civil liabilit<\/p>\n","protected":false},"author":1,"featured_media":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"sync_status":"failed","episode_type":"","audio_file":"https:\/\/episodes.castos.com\/5f9b51bcb328e0-44228460\/cheap-divorce-can-lead-to-bankruptcy-disaster.mp3","castos_file_data":"","podmotor_file_id":"","cover_image":"","cover_image_id":"","duration":"","filesize":"5.19M","filesize_raw":"5441198","date_recorded":"","explicit":"","block":""},"tags":[],"series":[21],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"episode_featured_image":false,"episode_player_image":"https:\/\/kellybankruptcy.com\/wp-content\/plugins\/seriously-simple-podcasting\/assets\/images\/no-album-art.png","download_link":"https:\/\/kellybankruptcy.com\/podcast-download\/600\/how-a-cheap-divorce-can-lead-to-a-bankruptcy-nightmare.mp3","player_link":"https:\/\/kellybankruptcy.com\/podcast-player\/600\/how-a-cheap-divorce-can-lead-to-a-bankruptcy-nightmare.mp3","audio_player":null,"episode_data":{"playerMode":"dark","subscribeUrls":{"apple_podcasts":{"key":"apple_podcasts","url":"","label":"Apple Podcasts","class":"apple_podcasts","icon":"apple-podcasts.png"},"stitcher":{"key":"stitcher","url":"","label":"Stitcher","class":"stitcher","icon":"stitcher.png"},"google_podcasts":{"key":"google_podcasts","url":"","label":"Google Podcasts","class":"google_podcasts","icon":"google-podcasts.png"},"spotify":{"key":"spotify","url":"","label":"Spotify","class":"spotify","icon":"spotify.png"}},"rssFeedUrl":"https:\/\/kellybankruptcy.com\/feed\/podcast\/kelly-bankruptcy","embedCode":"<blockquote class=\"wp-embedded-content\" data-secret=\"03usRHFuzS\"><a href=\"https:\/\/kellybankruptcy.com\/podcast\/how-a-cheap-divorce-can-lead-to-a-bankruptcy-nightmare\/\">How a cheap divorce can lead to a bankruptcy nightmare.<\/a><\/blockquote><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/kellybankruptcy.com\/podcast\/how-a-cheap-divorce-can-lead-to-a-bankruptcy-nightmare\/embed\/#?secret=03usRHFuzS\" width=\"500\" height=\"350\" title=\"&#8220;How a cheap divorce can lead to a bankruptcy nightmare.&#8221; &#8212; Kelly Bankruptcy\" data-secret=\"03usRHFuzS\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe><script>\n\/*! 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