Bankruptcy & Divorce: A Stressful Combination
There are many moments in our lives where we have an extraordinary amount of stress applied in ways we never anticipated. When a marriage turns into a divorce, combined with a Chapter 13 bankruptcy it may seem to be impossible to restructure your life. There is an extreme amount of pressure one may undergo to escape relatively unscathed and in full-form. While we won’t be able to assist you with your divorce , we will be able to assist you with how your bankruptcy and divorce operate together. Our primary goal at Peoples Bank Mortgage is being to provide some much needed relief for you.
Learn more about our abilities to assist you with your mortgage after bankruptcy and we will have you on your way towards owning a home again or removing your spouse from the current mortgage and title of your home by helping you qualify for a refinance.
How Divorce Can Affect a Chapter 13 Bankruptcy
Divorce has the ability to complicate nearly any and all matters within your finances, and bankruptcies are no different. If you’ve already filed for Chapter 13 bankruptcy and then proceed to divorce your spouse,you will be faced with several challenges that you will have to work through. . Some of the issues are determining the responsible party for the majority of the bankruptcy itself. After allocating assets accordingly, to structure the bankruptcy strategically, so as to reduce the effects on your credit as much as possible. All in all, there are numerous factors which could hurt your overall financial record in the long run.
Steps to Dealing with Simultaneous Bankruptcy and Divorce
First, be proactive instead of reactive with your finances. Divorce can do wonders for both elements of the equation, and it can simultaneously improve one or the other.
Second, effective communication with your former spouse to plan your bankruptcy payments is a vital step. Open communication with your former spouse allows you to complete your bankruptcy plan smoothly. Afterwards you can begin to rebuild your more structured financial position.
Third, plan ahead on your refinance. If you own a home together, outline when you are going to remove your former spouse from the current mortgage and title. This will help smooth out this process dramatically.
Connecting with a Mortgage Company that Deals with Bankruptcy and Divorce
We know you’re going through a difficult time and have just started your recovery from a bankruptcy and divorce. We want to help you obtain the mortgage you deserve at a competitive rate which will allow you to rebuild your life and return to a sense of normalcy. Feel free to contact us to learn more about how we’re able to help you reach your goals. We look forward to hearing from you soon!
(April 24th, 2018)
Author: Peoples Bank Mortgage