More details to this question:
I put down 300K to bought the 1 million house with my girlfriend, we both names on mortgage and Deed. After that she forced me to max out all my credit cards to bought all things for her family. Now I own 100K with no job but the house now worth 1.6 million and she said she will give me 150K then get out of the house. If I file bankruptcy then what happens? Thanks
2 ANSWERS
If you file a Chapter 7 bankruptcy in which you give all your assets to the court trustee and the court trustee would sell your house to pay the debts, then your credit will be dinged for years. That does not seem to be a reasonable decision. You would do better to sell your house and then pay off your bills because then your credit would not be reduced. Of course, if you had a job, then you could file a Chapter 13 bankruptcy in which you would keep your house and then just work out a plan to pay part of the debt depending on your "disposal income" meaning the balance left over after paying the necessities of living, house payment, food, gas, etc.
Answered on Jul 05th, 2021 at 10:52 AM
If you file a Chapter 7 bankruptcy in which you give all your assets to the court trustee and the court trustee would sell your house to pay the debts, then your credit will be dinged for years. That does not seem to be a reasonable decision. You would do better to sell your house and then pay off your bills because then your credit would not be reduced. Of course, if you had a job, then you could file a Chapter 13 bankruptcy in which you would keep your house and then just work out a plan to pay part of the debt depending on your "disposal income" meaning the balance left over after paying the necessities of living, house payment, food, gas, etc.
Answered on Jul 05th, 2021 at 10:51 AM