Posted on: 17th Apr, 2009 02:00 am
i have a mortgage and a bank loan that is in both our names but all the other debt is in my name, can i go bankrupt myself to get rid of all the debt? if so what will happen to the mortgage and bank loan?
hi donnamills,
yes, if you want you can file bankruptcy alone. as your partner is jointly liable for the loan and that loan goes unpaid after the bankruptcy, it will definitely have an impact on the non filing partner, but it is the nonpayment rather than filing bankruptcy that affects the credit record.
i would suggest you to contact a bankruptcy attorney and take his opinion before filing bankruptcy.
take care.
yes, if you want you can file bankruptcy alone. as your partner is jointly liable for the loan and that loan goes unpaid after the bankruptcy, it will definitely have an impact on the non filing partner, but it is the nonpayment rather than filing bankruptcy that affects the credit record.
i would suggest you to contact a bankruptcy attorney and take his opinion before filing bankruptcy.
take care.
if i default on my SBA loan for my LLC and i am the personal guarantor also can the bank or government take my home or place a lien on the home if it is in my wifes name?
Hi darin,
If the property is in your wife's name, then the lender or the government cannot place a lien on it.
Thanks
If the property is in your wife's name, then the lender or the government cannot place a lien on it.
Thanks