QUESTION
Can I declare a bankruptcy on only a house?
Asked on Mar 01st, 2011 on Bankruptcy - California
More details to this question:
I was discharged from a Chapter 7 bankruptcy last year. It did not include the house. My ex husband and I still are on the title and mortgage for the house. I am going to quitclaim it to him and know I'm stuck on the mortgage until he refinances it under him. Can I declare a bankruptcy on the house alone? What if he doesn't refinance?
3 ANSWERS
Bankruptcy Attorney serving Hayward, CA
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Carballo Law Offices
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Your question clearly tells me that you are very confused and should really speak with your bankruptcy attorney about the situation. All your debts and properties were included in your bankruptcy because everything has to be included unless you did not tell the truth and did not list the house and mortgage in your bankruptcy petition as required by law. Don't do anything like quitclaiming the house until you consult with a lawyer first. Doing that could create a big problem for you and/or your ex husband. You should not be liable for the mortgage if you obtained a Chapter 7 discharge last year. Again, you need to clear up the situation by having your bankruptcy attorney explain to you the situation. Quitclaiming the house to your ex husband does not appear to have any benefit to anyone and it might be hazardous.
Answered on Mar 03rd, 2011 at 2:53 PM
Alternative Dispute Resolution Attorney serving Ventura, CA
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Zahn Law Office
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If you already received a bankruptcy chapter 7 discharge last year, you cannot file for another bankruptcy at this time. As for quit claiming the property, I wouldn't suggest doing that until the property has been refinanced.
Answered on Mar 03rd, 2011 at 1:55 PM
You can only get a discharge in a Chapter 7 case once every 8 years. If you were "discharged from a Chapter 7 bankruptcy last year," you are not eligible to file a second Chapter 7 now. You should seek legal counsel before you quitclaim the home to your ex husband.
Is there equity in the property? Quitclaiming the property to your ex husband does NOT relieve you of your legal obligations under the mortgage. If your husband does not refinance, you will remain legally obligated to pay the mortgage on the home, even after you have quitclaimed the home to your ex.
Answered on Mar 03rd, 2011 at 1:55 PM