When people discuss bankruptcy, it’s almost always with a negative connotation. They see it as a failure, as something to lament. But what about its advantages? When handled properly, it can be the first step along the path to financial success. Wouldn’t the greater failure be to not declare bankruptcy, and continue in a unsustainable financial condition, making no progress toward solving any problems?
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There are certainly situations where an individual or business is too far underwater to expect a workout to save them from bankruptcy. In these cases, attempting a workout would likely just waste time and delay the inevitable bankruptcy filing.
A debtor and creditor workout is a written agreement modifying the terms of repayment on a debt. Also called non-bankruptcy workouts, a debtor and creditor workout can provide debt relief in two ways: through compositions and extensions.
In parts 4 and 5 we discussed preparing for divorce generally, but what about preparing for divorce mediation? If you believe your divorce is a good fit for mediation, there are some specific things you’ll want to consider.
There is no hard and fast formula or one size fits all solution for the best divorce. However, if uncontested divorce is an option, it can save you a lot of time, money, and stress. Uncontested divorce is most appropriate in cases where the divorcing parties are able to communicate with one another and agree on some of the key elements of their divorce.
Now that we’ve covered choosing divorce and looked at some tips for preparing for divorce, let’s take a look at some divorce options.
It’s important you get an overall picture of your assets and obligations, and that you plan for your life after divorce financially. However, immediately before or during the divorce process is not a good time to make any big financial changes. This means no large expenditures, no changes to life insurance beneficiaries, wills, or retirement accounts.
According to an article published on forbes.com in 2006, the average cost for a contested divorce in the United States was between $15000 and $30000. Adjusted for inflation to 2018 dollars, that’s $18,877 – $37,754. Of course, the cost of divorce varies wildly outside this average range.
If only one spouse wants the divorce and the couple cannot have productive communication on the subject, then it’s much more likely it will devolve into a bitter, prolonged battle. It’s also important to note that New Mexico, like almost all other states, has no fault divorce.
So, how can you know if you’re ready for divorce? And, more importantly, if you’re prepared to handle the process as smoothly as possible? Let’s take a look at some questions to help people determine if they’re ready for divorce.