I am assuming by the word partner, and that you mean that the two of you are not married. Therefore your partner's bankruptcy will in no way financially affect your financial situation. The main issue here is if your partner is on the mortgage that is attached to the property in question or if there is no mortgage at all on the property in question. If there is a mortgage on the property in question and it is up to date the bank who owns that mortgage cannot foreclose simply because your partner has entered into bankruptcy, especially if he is not on that mortgage. The fact that your partner is on the deed in question, does allow any lawsuits or any judgments or execution to be placed on your property in the form of a lean. But if your partner has filed bankruptcy prior to any lien to been placed on the house and the mortgages in good standing there will be no problems with your partner filing bankruptcy. The only possible problem may arise if the Homestead exemption laws in your state do not cover any liens that were placed on your property, as bankruptcy does not remove liens or security interest which is the collateral on a mortgage or loan. Basically if there is a mortgage on the property, the mortgages in good standing and there are no liens from judgments placed on the property, then your property should be fine from any of the repercussions of your partners bankruptcy.
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.
Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.
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 Mar 04th, 2014 at 4:37 PM