Posted on: 22nd Sep, 2010 06:41 am
Husband owns a home wife is on the deed not the note,. Divorce settlement states wife gets home and wife gets a loan in her name . Meanwhile husband must file BK due to other bills. There is a quit Claim done to the ex wife for the property but the loan has not closed. The QC is recorded by the husband. Husband must file BK immediately due to being sued for CC debt. Can he file his BK with the Mortgage on the BK without affecting her purchasing the property?
welcome bondjohnnice,
the husband can file bankruptcy and include his mortgage in the bankruptcy filing. however, if he has already transferred the property to the ex-wife, he won't have to list the property as one of his assets. however, it should be kept in mind that after a transfer of property, the grantor will not be able to file bankruptcy immediately. he'll have to wait for at least 1 year before filing bankruptcy.
the husband can file bankruptcy and include his mortgage in the bankruptcy filing. however, if he has already transferred the property to the ex-wife, he won't have to list the property as one of his assets. however, it should be kept in mind that after a transfer of property, the grantor will not be able to file bankruptcy immediately. he'll have to wait for at least 1 year before filing bankruptcy.