restructuring secured debt prior to bankruptcy
I have large $100k debt of personnal debt from a failed business of which I was an investor (basically it was a con…but this is beside the point). I have no other debts, and never have, not even credit cards, other than those secured against my home (that were for my initial investment in the business). I am reading all I can, and looking at proposal (and therefore bankruptcy if it fails). In the meantime, I want to re-organise my secured debts (which are currently mostly with a bank). I know I can’t have a loan from a family member if it is within one year of proposal/bankruptcy, but is it safe to have a loan from my ex-husband (separation agreement signed 4 years, final divorce through about 4 months ago)? I want to do this for a few reasons, the main one being that we (me and my ex) both have a strong interest in ensuring that whatever happens the children (3 of them) are able to stay in thier home, their school etc. I have worked out the numbers, and feel I can pay the morgage I would set up with him through my wages even in worst case, I just want to make sure before I do this that he is not treated as a “family member”.
Yes, it is possible to do what you are describing.
However, restructuring secured debt is complicated. If you do it incorrectly it will negatively impact on your proposal or bankruptcy, so I strongly recommend that you contact a licensed trustee to review your situation in more detail before you make a final decision.