i’m a home owner in a jointly owned home, and the other party is filing for chapter 7. what’s going to happen to me if i’m current on my bills?

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i’m a home owner in a jointly owned home, and the other party is filing for chapter 7. what’s going to happen to me if i’m current on my bills?

Asked on June 23, 2009 under Bankruptcy Law, Nevada

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I am a lawyer in CT and practice in this area.  The house is not going to be going to be a debt in the BK.  Plus, the house will not be required to be unless there is over 75K in equity.  Thus, nothing will happen to your credit as a result of the filing.  You should continue to pay the mortgage on the house and nothing should happen.  Be aware of any liens and things that were filed on the property.  I suggest you consult with a lawyer in your area if there are liens on the home.


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