my name is on a mortgage and equity with my exhusband he can't afford the house and plans to file bankruptcy

Asked by Amy, Ohio Wed Aug 13, 2008

I already filed a few years ago reafirming on the house when we were still together. If he files what will happen to me as
far as the debt goes

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Debt Free Da…, , 85260
Sat Aug 16, 2008
Why don't you consider a debt negotiation program as an alternative to bankruptcy.
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Other/Just L…, , Fleming Fitch Grant, Holly Hill, FL
Wed Aug 13, 2008
From a credit perspective, there will be a significant impact on your credit report if the mortgage held by you and your ex-husband goes into bankruptcy.

The tradeline will be reported on your credit report as being included in a bankruptcy; your credit score will drop and any credit cards held by you could exercise their Universal Default clause and increase your interest rate to the state maximum.

Further, your credit history will appear to have two bankruptcies. Obtaining credit in the future will be very challenging.

The problem lies in a common misunderstanding on divorce decrees regarding joint accounts. Although the divorce decree may require your ex-husband only to pay the joint mortgage debt, it does not overrule the contract between the bank and you with your ex-husband. You are still contractually obligated to pay your ex-husband's mortgage if he does not. The divorce decree gives you grounds to sue your ex-husband for damages for his failure to make the mortgage payments, but it does not give you any protection from the bank. The bank could possibly sue you for the entire mortgage balance if your ex-husband obtains protection under bankruptcy laws.

As the posters below note, you need legal advice qucikly. Contact the attorney who handled your divorce as soon as possible.
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sherlyn harr…, Agent, Lancaster, PA
Wed Aug 13, 2008
I would check with your accountant or attny. ASAP. Good luck to you.
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Scott Godzyk, Agent, Manchester, NH
Wed Aug 13, 2008
Definately check with your attorney immediately to protect your assetts and your credit. Without doing so the creditors will go after what is yours as well. You need to protect yourself.
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Pat & Nancy…, , Horsham, PA
Wed Aug 13, 2008
You should spesk to attorney immediately. They will file with the courts papers removing you from any obligations with the home.
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