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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17217
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I am divorced and in our decree my ex has responsibility for

Customer Question

I am divorced and in our decree my ex has responsibility for the two mortgages and assorted loans. Unfortunately these are in our names together or mine alone since his credit is terrible and he is unable to re-finance anything into his name.

He has just been laid off and I know that there is no way he'll be able to keep up with the payments. Despite the terms of our divorce I know the creditors will be coming after me and my currently good credit will go downhill fast.

My question is weather or not bankruptcy would be an option for either of us in this situation. Or should I go to my divorce lawyer to explore the options available under the terms of our decree?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 7 years ago.
a bankruptcy would be the final option if all else fails, as it is too early for this now.

You should consider to go to divorce court and have him explain to the court how he is going to pay the mortgages and loans, the court may have him pay the loan through another way.

also, try buying him out or do a loan mod to get his name out of the properties, and pay them yourself until he is in better shape to pay.

if you cannot afford the payments, and he needs time to get a job to pay the bills, a chapter 13 for him and you will be an option, that would stop any foreclosure and allow payment of the mortgages and debts through the court