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Salem Bankruptcy Law Blog

4 tips for budgeting after divorce

Divorce is probably affecting your finances significantly. Separating from your spouse means you get less monthly income and double the expenses. Going through a divorce requires you to re-evaluate your spending and stay on top of your financial situation.

If you are not careful, you may end up digging yourself deeper into debt. Keeping track of your money is essential to surviving this financial storm. Here are some essential post-divorce budgeting tips. 

Reorganization complete for SunEdison after Chapter 11

The reorganization for SunEdison has been completed after the company exited Chapter 11 bankruptcy earlier this month. The company is calling its new footprint significantly smaller than what it was in the past. SunEdison was once a major player in the renewable energies industry. The company announced the reorganization plan on Friday, Dec. 29.

The plan for reorganization was approved back in July 2017 by the Bankruptcy Court for the Southern District of New York. The plan called for SunEdison to emerge from bankruptcy as a private company.

Bankruptcies increased in 2017 in state of New Hampshire

The total number of bankruptcy filings increased in 2017 in the state of New Hampshire, according to a report. The increase, which was a miniscule 1 percent, is the first increase for the state since 2010. In fact, the number of bankruptcy filings rose twice in 2017; once for the overall year and in the month of December.

In the month of December, 142 businesses and households filed for bankruptcy in New Hampshire. This number came in at 24 more than the number of bankruptcies filed in December 2016. The 142 bankruptcies filed in December 2017 are three less than the number filed in November 2017.

Is bankruptcy right for your financial situation?

If you are at the end of your wits in Nashua with your credit card and medical debts, you may be contemplating bankruptcy. On the surface it appears to the answer to your financial problems. But you might find yourself procrastinating on filing because you are not entirely sure if it is the right solution. 

Bankruptcy has helped many people who faced insurmountable odds with certain debts overcome them. You should know that filing for bankruptcy is one of the most important decisions you may ever make. It is important for you to consider how it can affect your situation before you file. Here are some things that can help you to determine what the best solution is for your finances. 

Is a 'Gray Divorce' in your future?

While overall in the United States the divorce rate has leveled off or dropped, in the last three decades, the rate of divorces for those 51 and older has doubled. Moreover, it's even higher for those 66 and older. These findings were confirmed by sociologists at Bowling Green State University.

Why is this so? The times, they are a'changin', and where once discontented couples consigned themselves to their lot in life, tethered to a partner in a loveless marriage, today's couples appear to want more out of their lives. Once the kids are reared and on their own, couples are taking a good, long look at their marriages and reassessing their options.

Home-selling tips for a couple going through divorce

Going through a divorce is stressful, emotional and overwhelming. You never know what your spouse will ask for, and it's likely you will be selling the family home. This makes the process even more upsetting. You have to say good-bye to everything you've built together as a couple. Following are some important tips for selling the home when you go through a divorce.

If you are on speaking terms with your spouse, it's best to hire a real estate agent the two of you agree upon. Hire someone who has helped other couples sell their family home while going through a divorce. He or she will know how to handle such a difficult situation and will likely have empathy for what the two of you are dealing with.

Basics of New Hampshire property division

Sorting out the finances often plays a major role in most divorce processes. There are several ways property division could proceed.

Some couples are able to come to an agreement, which they can then formalize and submit to the court for approval. Typically, judges will approve most agreements. A valid prenuptial agreement can also govern the division of assets and determine the status of assets as separate or marital. Courts tend to uphold prenuptial agreements that comply with formal requirements, so long as both parties signed voluntarily and with full disclosure.

Consider all the options you have for debt relief

Christmas is just around the corner, which means that many people will start to get frightening credit card statements in the mail. This can be disastrous for your finances, but there are options to get out of debt. You must keep an open mind so that you can make the decisions that are best for your case.

One of the things that you might have to consider is going on a monetary fast, which could free up money to pay the bills since you won't be spending it on other items. This isn't going to be an easy process, but it might prove to be very helpful.

How do I recover my life following a bankruptcy?

Having to file for bankruptcy is a big step in life. It's one that you likely never planned for and never imagined would happen. That doesn't mean that the bankruptcy should or will ruin your life or change it forever. So, how do you recover your life after filing for bankruptcy? Follow the tips outlined in today's post to make getting your life back easier.

You need to take a long, hard look at how you handled money prior to filing for bankruptcy. Look at those methods and say goodbye to them. You need to revamp how you handle money and how you put together a budget for yourself or for your household. This will help you turn the page after bankruptcy.

How credit card debt can be a factor in divorce

New Hampshire is an equitable division state, meaning when a court must decide the allocation of property and debt in a divorce, it will do so in an equitable way. There is some wiggle room with the term "equitable," but in general, there are a few things you can expect when it comes to some types of credit card debt.

One is that if you were the person to incur the debt before your marriage, it is unlikely that the court will require your spouse to carry some of it after the divorce. If you incurred it during marriage on a joint account, then a judge may be more likely to divide it. If you incurred it on a card in your name only during marriage, what happens to the debt is more clear-cut but can depend on factors such as why you used the card (for joint expenses, perhaps). In any case, here are some other ways that credit card debt can factor into a divorce.

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