Posted on: 07th Jun, 2011 01:39 am
due to financial problems, i have decided to file chpater 7 bankruptcy. my wife has excellent credit and thus, she won't be filing bankruptcy with me. however, there's a problem. my wife and me both are on the mortgage for the property. will there be any problem for my wife if i don't reaffirm our mortgage? if allowed, my wife can continue the mortgage payments on her own.
If you don't reaffirm your mortgage, you won't be personally liable for paying off the mortgage dues. However, as your wife is on the mortgage docs, she will be liable for paying off the mortgage dues on time. The lender will contact her for the payments. As you're filing bankruptcy alone, it won't affect your wife's credit in any way.