QUESTION
Can he file bankruptcy if the loan is in his mane only but I am half-owner on the deed?
Asked on Oct 28th, 2012 on Bankruptcy - New Jersey
11 ANSWERS
Bankruptcy Attorney serving Alpena, MI
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Carl C. Silver Attorney at Law
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Yes.
Answered on May 28th, 2013 at 2:28 AM
Bankruptcy & Debt Attorney serving Syracuse, NY
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Theodore Lyons Araujo
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Yes.
Answered on May 21st, 2013 at 1:30 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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He can file, but the real question is how it will affect you. This depends on his intent as to the property, where the property is located, the value of the property and the debt owed against the property. You might consider talking to a good bankruptcy attorney in your state.
Answered on Nov 01st, 2012 at 9:18 PM
Administrative Law Attorney serving Ann Arbor, MI
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David J. Hutchinson
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Yes, he can, but it will not eliminate the security interest the Mortgage company has on the house. You should see a lawyer.
Answered on Oct 31st, 2012 at 4:58 AM
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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Yes. Absolutely.
Answered on Oct 31st, 2012 at 4:53 AM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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Yes, he can file bankruptcy if he can qualify.
Answered on Oct 31st, 2012 at 4:41 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Yes, he can file bankruptcy, but please realize that even if he does, and the debt is discharged, the lien on the property will remain valid and therefore the creditor will have a right to foreclose on the property. I would need to see the paperwork, but if things are normal, when he got the loan you would have signed a paper subordinating your interest in the property to the lenders lien. Summary, if the debt is not paid you will lose the property. You should see an attorney with your divorce and loan documents.
Answered on Oct 31st, 2012 at 4:41 AM
Someone always can file bankruptcy, the real issue is whether or not someone ought to file bankruptcy. With real estate loans, bankruptcy will discharge the personal obligation to repay the loan but it will not affect the title to the real estate, which is secured by a mortgage. In order to keep from losing the property through foreclosure, someone has to continue to pay the mortgage note, even though the personal obligation to pay is eliminated in bankruptcy.
Answered on Oct 31st, 2012 at 4:37 AM
Bankruptcy Law Business Attorney serving Asheville, NC
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Pitts, Hay & Hugenschmidt, PA
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Yes, your husband can file a bankruptcy without you. It may be that the bankruptcy trustee will need to deal with you on your interest in the house.
Answered on Oct 31st, 2012 at 1:00 AM
Bankruptcy Attorney serving Myrtle Beach, SC
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Law Office of Margaret L. Evans, PC
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He can certainly file bankruptcy and whether or not the home will be seized by trustee (and subsequently sold to pay creditors) will depend on the amount of equity in the home and what he can exempt. For example, if the home is worth $100K, but the loan balance is $125K, then that does not present a problem because there is no equity to exempt. However, if the loan balance is $75K, he'd only be able to exempt 1/2 of the equity ($12,500.00) and your portion of the equity would be subject to the trustee taking it to sell for proceeds to pay the creditors.*
Answered on Oct 30th, 2012 at 11:14 AM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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Yes, he can and he will be absolved to liability on the note, which will allow them to foreclose.
Answered on Oct 30th, 2012 at 11:10 AM