If my ex-wife is filing for bankruptcy and we share a mortage, what will happen?

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If my ex-wife is filing for bankruptcy and we share a mortage, what will happen?

When my ex and I divorced our paperwork stated that the house that we shared was supposed to be sold. However she then decided to move back in with my children because they had no place to go at the time. She has now been living there for the last 4 to 6 years and paying the mortgage. But she’s decided to file bankruptcy and move out because they found a new place. However my name still on the mortgage. What do I need to know? What are my options? Will they come after me because I have my own home now?

Asked on April 19, 2011 under Bankruptcy Law, North Carolina

Answers:

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

Answered 11 years ago | Contributor

Why is she filing for bankruptcy?  If it because of the mortgage or other debts as well?  Never mind your credit (it will depend on if she is going to try and write off her half of the mortgage debt) you need to get some help with the other house.  You do not want the bank to foreclose  and you do not wat to be the only one holding the bag.  Can you sell the house?  Short sale?  Can you talk to an attorney and the ban abut a deed in lieu of foreclosure here?  Just make sure that if there is any deficiency that it is waived by the bank.  This way they can nit come after you for any money owed.  Get help.  Good luck.


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