Posted on: 29th Jul, 2010 12:49 am
am considering filing bankruptcy. about a year ago i went into business with a partner and got a business credit card under his company but under my name. 9 months later he ran up 14k in debt and stopped making payments and the credit card company is coming after me cause it is my name on the account. reguardless i am unable to make the payments and i fear suing him because i believe he will claim bankruptcy and i will get nothing.
so long story short, my wife and i got a house about 2 years ago and she is the sole person on the mortgage loan, but i was added to the title a few months later. will my filing bankruptcy affect the house even if i am not on the loan? other then the 14k credit card we have never had a problem paying off any debts.
we currently live in co
so long story short, my wife and i got a house about 2 years ago and she is the sole person on the mortgage loan, but i was added to the title a few months later. will my filing bankruptcy affect the house even if i am not on the loan? other then the 14k credit card we have never had a problem paying off any debts.
we currently live in co
Hi ryanmnash,
As your name is on the property deed, you'll list it as your asset when you file bankruptcy. Whether or not your property will be sold off to pay off your creditors would depend upon the type of bankruptcy you file. For instance, if you file Chapter 13, you'll be able to reorganize your debts. In that case, your property will not be sold off to pay your creditors.
Take care.
As your name is on the property deed, you'll list it as your asset when you file bankruptcy. Whether or not your property will be sold off to pay off your creditors would depend upon the type of bankruptcy you file. For instance, if you file Chapter 13, you'll be able to reorganize your debts. In that case, your property will not be sold off to pay your creditors.
Take care.