Posted on: 12th Jul, 2011 12:11 am
I'm in a complete mess… My ex-spouse has suddenly filed for bankruptcy without informing me about it. We both are co-borrowers of a mortgage on a property which we still own together. How will her bankruptcy filing affect me as I have a joint mortgage with her?
Hi Gregory,
As you have a joint mortgage on your property with your ex-spouse, her filing bankruptcy won't have a direct effect on you. However, it will be mentioned in your credit report that the debt was included in the bankruptcy of someone else. However, your ex-spouse will get a discharge from the mortgage payments as she has filed bankruptcy. You'll be responsible for paying off the mortgage in full.
Thanks
As you have a joint mortgage on your property with your ex-spouse, her filing bankruptcy won't have a direct effect on you. However, it will be mentioned in your credit report that the debt was included in the bankruptcy of someone else. However, your ex-spouse will get a discharge from the mortgage payments as she has filed bankruptcy. You'll be responsible for paying off the mortgage in full.
Thanks
I'm not at all surprised to learn that a former spouse would neglect to advise you of an impending bankruptcy. I guess I figure it's part and parcel of the divorce proceedings...once separated, forever separated.
It would seem to me that Jerry has properly synopsized the situation above. Your obligation on that mortgaged property would continue, while your former spouse's obligation would be negated.
It would seem to me that Jerry has properly synopsized the situation above. Your obligation on that mortgaged property would continue, while your former spouse's obligation would be negated.
