Help with some questions

[xterra]

Hello,

I'm getting ready to go through a divorce. We purchased a house in March of 2001 and we have a 2 year payoff penalty on it. After divorce, with child support, I will not be able to afford the monthly payments on the house. There is a new sub division right across the street with homes buy the same builder, so chances are I wouldn't be able to sell the house for what I need (with penalty and all). What options do I have. Is bankruptcy the only thing I can do? If so, what flavor of bankruptcy would be best (if there is such a thing).

Thank you for any advice, comments, or other...

 

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My response:

You said:

xterra
Junior Member

Registered: Aug 2001
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Posts: 1
Help with some questions
Hello,

I'm getting ready to go through a divorce. We purchased a house in March of 2001 and we have a 2 year payoff penalty on it. After divorce, with child support, I will not be able to afford the monthly payments on the house. There is a new sub division right across the street with homes buy the same builder, so chances are I wouldn't be able to sell the house for what I need (with penalty and all). What options do I have. Is bankruptcy the only thing I can do? If so, what flavor of bankruptcy would be best (if there is such a thing).

Thank you for any advice, comments, or other...



I have two bits of advice:

1. "PLEASE INCLUDE YOUR STATE BECAUSE LAWS VARY FROM STATE TO STATE." (It's in RED letters);

2. Yours is mainly a Bankruptcy question. Please post to that law board.

IAAL

 

[xterra]

reply

Thank you and it's been posted over there.