QUESTION
If I get divorced,file bankruptcy, is my ex responsible though she was not on the loan?
Asked on Apr 06th, 2014 on Bankruptcy - Florida
More details to this question:
I purchased 2 houses and 1 condo before I met and married my current wife. All of the loans do not have her name anywhere listed on the loans. The condo went back to the bank in Dec. 2013. One of the houses was sold in a "short sale" this year which Chase and a local bank (that held a Home Equity line of credit) agreed to the short sale. The last house is in foreclosure now and will be going back to the bank as well. I met and married my wife after purchasing these homes years ago. We are now going to get a divorce and she will get everything. I will be filing for bankruptcy. My question is, if we are divorced and her name was not on any of the loans, will any of the creditors come after her for any reason when I file?
1 ANSWER
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When you file for chapter 7 bankruptcy, all of your debts associated with the properties in question will be discharged. If your wife did not sign the note and the mortgage associated with the properties in question, she will not be liable for any of the debts on the property. That being said, she also does not have any rights to retain the property after they are foreclosed upon. After you obtain a divorce from your wife, she will have no issues with the banks going after her for mortgages and the debt associated to the mortgages for the houses or property that her name is on the deed.
I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options.
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Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave. Unit 2 Fall River, MA 02723 Office: 888-269-0688 FAX: 877-475-8147
Answered on Apr 07th, 2014 at 2:53 PM