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My ex wife is filing bankruptcy and we have a home loan in both your names what happens to the loan?
The loan may not be the real problem, but how you own the property (tenancy by the entirety, joint tenancy, tenants in common). The loan is secured as to the two of you, and if she is trying to surrender her interest to the mortgage company in a chapter 7, she might be able to. I suggest you talk to the or a divorce lawyer about the law in your state.
What else can I help you with?
Your husband is filing bankruptcy and told you he will file on the house it is in both names can he do this without your permission?
Yes
What happens to you when ex wife files bankruptcy on 2nd mortgage both your names are on?
Her mortgage liability will be discharged.
What happens if a co signer files bankruptcy?
They both go bankruptcy
If you co-signed for your daughter for a car loan and both of your names are on the title can you take it and put it only in your name if she is filing bankruptcy?
Yes. Do the paperwork with the bank and file it with the state to get the title changed.
Can a loan you borrowed from a friend be covered under a bankruptcy?
Generally yes, if there is a contract signed by both of you (the lender and borrower) and you include that debt in you bankruptcy filing.
Will your wife have to pay if you file bankruptcy?
If her name is on a loan that you file bankruptcy on than she would then be responsible for that loan. Filing a bankruptcy only gets your name off the loan(s), you would both need to file together.
How much does filing for bankrupsy cost?
The cost of filing for bankruptcy varies significantly depending on the type of bankruptcy and the complexity of the case. For Chapter 7 bankruptcy, court filing fees are typically around $335, while Chapter 13 fees are about $310. Additionally, legal fees can range from a few hundred to several thousand dollars, depending on the attorney's rates and the case's complexity. It's important to consider both court fees and potential legal fees when budgeting for bankruptcy.
Should I file for a divorce before filing chapter 7?
Every case is different, but if the two of you file a joint petition for bankruptcy before the divorce, you will both avoid problems. Consult a lawyer who knows both divorce and bankruptcy law.
How do you protect your credit when your ex is going to file bankruptcy?
If your ex files bankruptcy and you are listed on some debts that (s)he wants to discharge, you will become 100% liable instead of 50%. Go through all your debts and make sure that anything in both of your names is paid. If you no longer have any joint debt, an ex filing will not affect your credit.
What are some brand names of good paper filing systems?
Some popular brand names of good paper filing systems are SJ Paper Products and Smead. Both brands offer different types of filing systems for different needs.
My spouse is filing bankruptcy do i have to?
Items on your credit history remain only with you. They do not get copied to your wife's credit history after you get married. The only items that appear on both your credit histories is if you have a joint account with both your names on the account. I would get the advice of a lawyer on how best to proceed. You may have certain rights or obligations depending on whose name was on what papers. I am an attorney who concentrates her practice in bankruptcy. No, your spouse is not required to tell you that he or she has filed bankruptcy. However, if you are anticipating dissolution of marriage or there are other special circumstances, the court may find fraud if your spouse disposes of assets or relieves himself or herself of debt. It varies from state to state. However, there is no requirement that a spouse tell the other of a bankruptcy. Bankruptcy is a matter of public record though and you can look up whether people have filed or not by going to the PACER website.
Can a married couple file bankruptcy separately?
In most states filing for divorce is not going to get the other spouse out of helping to pay bankruptcy debts. Many states have a communal property law that states both spouses are liable for debts, both during marriage and during a divorce.
