Bankruptcy And Marriage Debts
If I file for bankruptcy, what happens to the loans I have with co-signers?
Recently I was divorced and she left the house to me. I want to move out of the house and start my life over, but the house was up for sale and didn’t sell. I refuse to sell the house for less than the balance on the mortgage, but she seems to think that it is the only way to sell it. She first said that she wanted the house, then changed her mind (about 5 times, not kidding) and I’m through with it. I want out, but I can’t afford to pay to live somewhere new and pay to not live at this house. IF I file for bankruptcy (not just because of the house, I got stuck with all the debt that WE accumulated in the marriage), will the co-signer (my ex-wife) get stuck with the mortgage?
Yes..if you file bankruptcy, the filing protects you from owing on the debt and would default to her totally if her name is on the loans joint with you. Contact a local bankruptcy attorney, most will see you free the first time. Once they reveiw your information, they will be able to tell you what you qualify for. Good Luck!
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