QUESTION
How will ex filing for bankruptcy affect me?
Asked on Jan 28th, 2013 on Bankruptcy - Michigan
More details to this question:
My ex has a year from the time of our divorce (8-22-12) to refinance our house and remove my name. However, he recently lost his job and is now filing for bankruptcy. How will this affect me? Will I be held responsible? We live in Michigan.
4 ANSWERS
That is impossible to say without more information. Are you on the mortgage? Who is responsible for the mortgage under the terms of the divorce? Most likely, if he loses the home, the bank will sue you to collect and leave it up to you to sue him to force him to pay you back (assuming the divorce order says he is responsible).
Answered on Jan 30th, 2013 at 9:30 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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See an attorney, if he does not pay the house note and you signed it then the bank can come after you regardless of the divorce decree provisions. That goes for all joint debts.
Answered on Jan 30th, 2013 at 9:30 AM
If he defaults on the loan obligations, and you are a co-signer or co-debtor on the mortgage debt, then the mortgage company could decide to pursue on any of the unpaid mortgage debt (which could result in your own bankruptcy to be filed).
Answered on Jan 30th, 2013 at 9:29 AM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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You will be responsible. He will not it is his bankruptcy not yours.
Answered on Jan 30th, 2013 at 12:30 AM