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Topeka Bankruptcy And Family Law Blog

Ways you can stay a part of your business after a divorce

You spent a lot of time and effort working with your spouse to build a successful business. But now, an event has happened that has thrown the future of the business, and your role in it, up in the air. You and your spouse are divorcing.

When a married couple that also runs a business together gets divorced, among the big issues to tackle in the divorce is what will happen with the business. As a NerdWallet article notes, there are multiple ways this issue could be resolved.

The potential consequences of using a debt settlement service

When owing a large sum of money, people look for solutions that can help them work through the debt they owe. One option that people may investigate is a debt settlement service.

One point of confusion that some people have is they will conflate debt settlement with bankruptcy. Bankruptcy is the legal process of having some of your debt discharged. Debt settlement, on the other hand, may reduce the amount you owe, but does not necessarily discharge the debt you owe.

Financial strain could cause both divorce and bankruptcy

Couples divorce for many different reasons. Stress and resentment are two factors that can play into the decision to divorce. If you and your spouse are struggling financially, that burden can become almost unbearable. Divorce in itself can be an expensive process. Getting a divorce while already struggling with financial issues can be arduous. The weight of the stress may make you become resentful. It will be hard, but try not to place blame.

Bankruptcy is filed to protect income and property from being taken by creditors.

Manage your child’s health and medical debt

It is tough when our children get sick. You never want to see them in pain. It can feel almost helpless as a parent when children fall ill. You do anything and everything you can to help them feel better. You take them to the doctor, give them medicine, comfort them and follow up as much as necessary. Unfortunately, getting sick can come with a hefty price tag. You will spend any amount of money to help your child feel better, but knowing that bills are stacking up can be extra daunting.

As the medical bills for your child arrive, you can take action to help lessen the burden.

Considering a payday loan? Think long and hard beforehand.

We've all seen the commercials on television or heard them on the radio. Payday lenders often have catchy jingles or flashy graphics advertising easy money with no credit check. Initially, they may seem like a good idea and a viable solution to a period of financial difficulty.

Company policies and procedures vary, but the basic premise is the same:

  • Walk into a payday lending location (or log on to their website)
  • Provide proof of your income (usually in the form of a recent check stub)
  • Give them either a post-dated check or your bank account information so that it can be debited when the loan is due
  • Walk out with the funds

How will divorce affect my quality time with the kids?

Memorial Day weekend has come and gone, which means summer is here again. As the kids spend their days out of the classroom, it is easy to want to take an afternoon off of work to indulge in a day outside with them. But, since you and your spouse are getting a divorce, it's not as easy to have time with the kids. How can divorcing spouses make a clear arrangement?

Parenting plans are required in Kansas

Over my Illness but I'm still in pain

It is so nice to become healthy again after a lagging illness. But the pain goes on when you get your bill from the hospital and doctors. Changes in Washington on health care just aren't going to help and it sure won't help what has already happened.

While the Affordable Care Act, also known as Obamacare or the ACA, has helped increase the numbers of insured, for many, the deductibles have skyrocketed, even those who get insurance through their employers. No one ever anticipates becoming ill but a $5,000 deductible is impossible to take care of by most people. Just ask yourself, do you have $5,000 saved to cover that expense. Not!!

The complex intersection of divorce and bankruptcy

Money matters often lead to divorce, even at middle- and upper-income levels. In fact, arguing about money is the highest indicator of the risk of divorce, says Kansas State University Associate Professor of Personal Financial Planning Dr. Sonya Britt.

Even if your marital financial picture seems healthy, remember that the income and assets that supported one household will need to support two after divorcing. You will also need to make hard decisions about what to do with debt. A divorce attorney who is also experienced in bankruptcy and other debt solutions can help you answer the below questions.

Financial stress in retirement: Is bankruptcy the answer?

Retirement is meant to be a time when one can enjoy life without all of the harassing phone calls or numerous bills coming daily causing stress. Grandma and Granddad are struggling to meet their basic needs and tell stories about skipping meals to afford their medication. This is not new. Financial stress in the last few years has intensified with low interest rates and increased health insurance costs.

Many people have been forced to use credit cards to weather cash crunches and medical costs continue to climb. Children may still be in college or continue to need assistance. The picture for those from 65 to 74 is that borrowing obligations are five times the level of what similarly aged Americans held twenty years ago. Could bankruptcy provide an answer? It might - it could help you, your parents or your grand-parents even.

Get the best results from your tax refund

As we enter tax season, you may be eager to get to the tax preparer to find out how much you will get back from Kansas and the feds. What if your tax refund still won't make a dent in credit card debt or medical bills that piled up while unemployed or battling illness?

This may be the time of year to get a fresh start. Bankruptcy is not the only option. There are ways to leverage your tax refund to get you even further out of debt.

First, try to minimize the amount that you spend on tax preparation. Get several quotes - ask a local accounting firm as well as a national chain. If you have a relatively simple tax return (for example, two W-2s and child care expenses), consider using tax software or free file from the IRS.

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