Posted on: 24th Jul, 2009 06:30 am
my husband and i have been separated over a year now. we filed a joint chapter 13 bankruptcy about a year and a half ago, but have since fallen into default on it... (this separation has been really bad). i decided to let them dismiss the c13 and start it over (refile by myself). we have a first and second mortgage. the second mortgage is in my husbands name only. we are very very behind on both mortgages. i want to file a chapter 13 bankruptcy and keep the house... he is filing a chapter 7 bankruptcy. the house is only worth 55,000 and we owe just about that just on the first mortgage. we owe 26,000 on the second mortgage (the one in his name only). what will happen? am i fighting a losing battle to save this house? it is the house that i raised my children in (am still raising my children in). i don't have the money to pay off the second mortgage, and they won't deal with me because my name isn't on the loan. i know that it was a huge mistake to let the original c13 get dismissed without discharge, but it happened and now i am in an even worse situation. any advice would be appreciated. thanks so much. kim
Hi kimdel,
If your husband files for Chapter 7 bankruptcy and does not reaffirm the debts, the lender will have the right to foreclose the property and sell it off to recover his dues. In order to save the property, both of you will have to jointly file bankruptcy. In my opinion, both of you should consult your attorney and take the right decision.
Thanks
If your husband files for Chapter 7 bankruptcy and does not reaffirm the debts, the lender will have the right to foreclose the property and sell it off to recover his dues. In order to save the property, both of you will have to jointly file bankruptcy. In my opinion, both of you should consult your attorney and take the right decision.
Thanks