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cfortunato
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Category: Bankruptcy Law
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Experience:  Bankruptcy professor.
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thanks for your help. So if I claim Chapter7. Then my wife

Resolved Question:

thanks for your help.

So if I claim Chapter7. Then my wife would be left with her interest in the house. Would she still need to pay the whole monthly mortgage eg 12,000 or would just need to pay half 6000 to avoid bank foreclosure. If she could pay 6000 , could I help her pay it after filing or would she have to wait. If I could not help her would she need to file chapter 7. to avoid foreclosure. What is the difference between foreclosure and chapter 7 from Which one would be better in this situation.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 4 years ago.
H


Edited by Christina Fortunato, Esq. on 5/8/2010 at 10:04 PM EST
Expert:  cfortunato replied 4 years ago.
Hi wailea,
If you file a Chapter 7 bankruptcy, you and your wife will still own the house (if both own the house now). The bankruptcy filing has the effect removing one's liability for the mortgage payments, it alone does not remove one's ownership of the house. The ownership can only be removed with a foreclosure.
There is nothing stopping you from continuing to help your wife make the mortgage payments after you file. Those payments would be included in Schedule J (Expenses). The point is that you can, but do not have to make those payments after you file.
Bankruptcy and foreclosure are entirely different entities. One discharges debt, the other repossesses property.
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.
So If I file chapter7 and my wife does not, She would still have to pay the whole mortgage 12,000/ month. She would be the one on the loan for the full debt and if did not pay, it would be foreclosed. I have been told from my attorney, that the judge may not let us keep the house since it is worth so much? Is that true. Thanks jack
Expert:  cfortunato replied 4 years ago.
Is your property owned as Tenants by the Entirety, Joint Tenants or as Tenants in Common?

Edited by Christina Fortunato, Esq. on 5/8/2010 at 10:28 PM EST
Customer: replied 4 years ago.
Joint Tenets with right of survivorship
Expert:  cfortunato replied 4 years ago.
Thank you for accepting my answer.
In Tennessee, when the owners of a JTRS are married, it is presumed that the ownership is by the "Tenants by the Entirety". This type of ownership cannot be disrupted because of the debts of only one spouse.
This means that regardless of the house's worth, if only one spouse files for bankruptcy protection, the house cannot be taken.

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