Posted on: 17th Dec, 2011 09:13 am
my husband and i just divorced. he is now filing for bankrupcty. we have a house in both names. in the divorce he is responsible for all house debt. how does that affect me. does both mortages belong to him or will they come after me. my sister suggest i do quit claim on house? im confused what should i do.
Welcome Oram,
If your husband files bankruptcy, he won't remain liable for the mortgage payments anymore. The lender will come after you in order to recover the debts. I will suggest you that it will be better if you could quitclaim the property to your ex. However, if the mortgage is in your name, then though you quitclaim the property, the lender can come after you to recover the debts.
If your husband files bankruptcy, he won't remain liable for the mortgage payments anymore. The lender will come after you in order to recover the debts. I will suggest you that it will be better if you could quitclaim the property to your ex. However, if the mortgage is in your name, then though you quitclaim the property, the lender can come after you to recover the debts.
Hello oram,
The financial inability to pay on debts when due. The debtor seeks relief through court action that may work out or erase debts.There are a number of chapters in bankruptcy law; a certain chapter requires liquidation of all assets to pay off debts, and another chapter allows the debtor to continue operations. Certain property is free from attachment by creditors, depending on state law.
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The financial inability to pay on debts when due. The debtor seeks relief through court action that may work out or erase debts.There are a number of chapters in bankruptcy law; a certain chapter requires liquidation of all assets to pay off debts, and another chapter allows the debtor to continue operations. Certain property is free from attachment by creditors, depending on state law.
:idea:
