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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17222
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Hello, I live in Memphis Tennessee. My husband left after

Customer Question

Hello,
I live in Memphis Tennessee. My husband left after he he got his green card. I was going to file with immigrationfor fraud but he was here with an I-94 as liong as he was in school. However he was not able to get the financial aid without the green card. Instead of divorcing me, he is threatening to file for banruptcy to get me to refinance the house in my name (it is in both our names. My car is in his name. I am in the process of getting another car in my name and I will let his go back(let them repossess it). Can he get out of the debt on the house by filing banruptcy? or do I have to agree? How does this effect me and my credit?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 7 years ago.
the trustee will discharge his part of the loan, and the bank will most likely ask the court to allow it to sell the home in an auction, where either you or someonel els would be able to buy the home., Also, if he does do this you can file a proof of claim to the court making sure the trustee knows that you are also on the mortgage and will be responsible for the entire amount.

You will not be able to fight the bankrutpcy per se, and the bankrupcy may hurt your credit depending on what the bank does with the home, as it may reflect badly on your credit if you cannot pay the entire amount. Your best option is to refi.
Customer: replied 7 years ago.
So you are saying that my children and I can lose this house if he files bankruptcy? I still live in the home and am paying the mrotgage. The mortgage is not behind. He's filing to get back at me and because he says his debt to income ratios is too high since he quit his job to go back to school. Should I then just file for divorce to stop it and have him buy me out of the home or something. The credit is too bad for me to refi
Expert:  WALLSTREETESQ replied 7 years ago.
MOST LIKELY NOT IF YOU PAY THE MORTGAGE,IF HE FILES A BANKRUPTCY, YOU WILL HAVE TO CHALLENGE HIS FILING AND ASK THE COURT TO ALLOW YOU TO REAFFIRM THE HOUSE LOAN, MENANING YOU TAKE IT OVER AND HAVE HIM DISCHARGED, IF THE BANK AGREES YOU CAN KEEP IT.