QUESTION
Does secured debt limit half of total debt for a jointly owned property?
Asked on Aug 11th, 2011 on Bankruptcy - California
More details to this question:
Is secured debt limit half of total debt for a jointly owned property (and debt) in case Chapter 13 is being filed by an individual?
6 ANSWERS
Glen Edward Ashman
No.
Answered on Jun 09th, 2013 at 9:10 PM
Bankruptcy Attorney serving Herndon, VA
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Maureen O'Malley
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No.
Answered on Jun 09th, 2013 at 9:10 PM
Samuel Lee Tucker
The total debt would be listed on the schedules. Both spouses are responsible for the entire debt jointly and severally.
Answered on Aug 15th, 2011 at 3:58 PM
3 Awards
he secured debt limits in a Chapter 13 depend upon your secured liabilities under State and Federal Law so generally no, we don't use half debts-You are liable for the full Community Property debt under State Law and that's what we use in BK. It is possible something different may apply in your case.
Answered on Aug 15th, 2011 at 1:18 PM
Bankruptcy Chapter 7 Attorney serving San Diego, CA
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Law Office of Asaph Abrams
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If one's a codebtor or cosigner on debt, one is liable for the entire debt. Answer does not address all implications of the question, nor is it legal advice to be relied upon.
Answered on Aug 15th, 2011 at 10:09 AM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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If a debt is jointly owned there is what is called "joint and several liability." The entire debt is owed by either one of the joint borrowers, so a bankruptcy of one does not cut the debt in half.
Answered on Aug 15th, 2011 at 7:36 AM