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If your spouse files bankruptcy and his name is on the title to your house what will happen to your house?
Wiki User
∙ 8y ago
The loan papers or who made the payment(s) unfortunately are not relevant to ownershp. If his name is on the titled, then the house belongs to both of you. How the property is handled during the bankruptcy, depends on how the title reads, and the state in which you reside. If it is TBE, then it is safe from your husband's bankruptcy. If it is JTWS, it would be handled a bit differently. I doubt that a BK Trustee would, (or could) force a sale. However, a lien could be placed against his portion of the property. Without knowing your state, it is difficult to make a assessment.
Wiki User
∙ 8y ago
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Can only one spouse file bankruptcy when the other one owns the cars and house?
In general, the filing of bankruptcy by one spouse will not affect the other spouse's financial situation. A debt is created by contract between a debtor and a creditor - each debtor must sign the contract to be liable for payment. Therefore, the bankruptcy of one spouse does not cause the other to become bankrupt. Debts where spouses are joint and severally liable for payment will remain with the spouse who has not filed for bankruptcy. Under Chapter 7 bankruptcy, where one spouse's debts are wiped clean, the creditor can go after the other spouse. However, a major advantage of Chapter 13 bankruptcy, where the debtor plans to re-pay her debts, is that the creditor will leave the co-debtor alone, as long as bankruptcy plan payments are timely deposited.
Can you co sign on a house after bankruptcy?
A person that files for bankruptcy will more than likely have their credit score decline. This will not make them a good candidate for being a cosigner.
Can you file bankruptcy on your house if already in foreclosure?
Filing for bankruptcy may enable you to recover your house from foreclosure. However the bankruptcy would entail dealing with your entire debt situation, not just the house.
If you have good credit and your husband has bad credit and you own your home jointly can he declare bankruptcy independently?
Yes. Generally one spouse can file bankruptcy without the other spouse having to file even when real estate is jointly owned. Sometimes if there is substantial equity in the house this can be problematic, but most states have exemptions which protect residential real estate owned by spouses when only one spouse files bankruptcy (called the "Tenancy by the Entireties" exemption), so this usually isn't a problem. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
How does surrendering your house in chapter 7 affect your credit report?
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
If two people own a home and are in the process of divorcing and one files bankruptcy on the house will the soon to be ex-spouse be effected?
You are a joint owner in the house, and presumably on the mortgage as well. The bank can come after you for the liability on the house.
Can you be sued after your house is repossessed?
In general, yes, if you haven't files bankruptcy.
Who files papers with the court house to take a lien off a property after a bankruptcy court discharges what you owe on the lien?
Your bankruptcy lawyer.
Can only one spouse file bankruptcy when the other one owns the cars and house?
In general, the filing of bankruptcy by one spouse will not affect the other spouse's financial situation. A debt is created by contract between a debtor and a creditor - each debtor must sign the contract to be liable for payment. Therefore, the bankruptcy of one spouse does not cause the other to become bankrupt. Debts where spouses are joint and severally liable for payment will remain with the spouse who has not filed for bankruptcy. Under Chapter 7 bankruptcy, where one spouse's debts are wiped clean, the creditor can go after the other spouse. However, a major advantage of Chapter 13 bankruptcy, where the debtor plans to re-pay her debts, is that the creditor will leave the co-debtor alone, as long as bankruptcy plan payments are timely deposited.
Can you co sign on a house after bankruptcy?
A person that files for bankruptcy will more than likely have their credit score decline. This will not make them a good candidate for being a cosigner.
If you are refinancing and your spouse is the only one on the loan but you are on the title will that be a problem since you are in a chapter 13 and your spouse is not?
Yes You can not refinance without a court order if the bankruptcy is still open on you.You own the house with your wife and all Your meaning just you assets are frozen until the bankruptcy closes and part of your assets are your part ownership in the house.
If someone is in a rent to own agreement and files bankruptcy will i lose my house?
You will not lose your house unless there is a large amount of equity in it. You will need to reaffirm your rent to own agreement, however.
If siblings own a house inherited from deceased parents and one files bankruptcy how does that work?
Do both sibblings live in the house? If not, You might want to buy the the other sibblings half of the house. Or at least have him or her sign it over to the other sibbling or the house might be in danger of forecloser if one sibbling files bankruptcy...If you don't have the money to buy the other half, it is always a possibility to refiance to pay off the other sibbling......Talk to an attorney,fast.
If a married couple no longer living together own a house and one files bankruptcy should the person filing bankruptcy surrender the house so other can keep house or will it cause other person to lose?
The party that filed bankruptcy will be protected as far as the collections process is concerned. The bank will in response expect the party who has not filed bankruptcy to make all the remaining payments. If this happens, you may want to consult with a lawyer ASAP so that you are making payments on a house that will be co-owned by an X.
in Arkansas If you own a house and then marry would your spouse have any claim to the home?
In a divorce, it could happen. Have her sign a prenup.
Can I keep my house and car out of a bankruptcy?
You are normally allowed to keep the house you are living in and one car in a bankruptcy.
Can you file bankruptcy on your house if already in foreclosure?
Filing for bankruptcy may enable you to recover your house from foreclosure. However the bankruptcy would entail dealing with your entire debt situation, not just the house.
