If my ex-wife and I own a property together that was not in our divorce decree and she is going to claim bankruptcy, how is that going to affect me?

Asked on September 11, 2012 under Bankruptcy Law, Pennsylvania

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

It depends on if she files for Chapter 7 or Chapter 13 and if she "reaffirms" the mortgage on the property.  Either way it will probably be listed in some way on your credit report.  If she lists the mortgage in the bankruptcy and does not reaffirm then the bank will come after you alone in a default (many times people continue to pay the mortgage even in bankruptcy and banks keep the mater "status quo").  Speak with some one about your options here like "buying" her out and refinancing in your name only.  Good luck. 


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