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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I am listed as codebtor in my ex-wifes CH7 Bankruptcy on a

Customer Question

I am listed as codebtor in my ex-wife's CH7 Bankruptcy on a mortgage to property originally awarded to my ex-wife in the divorce decree. There is no value left in the home. Meaning the loan and value are the same. (She didn't pay on it for 2 years). Do I have any rights through the bankruptcy court or other to take possession of the home (currently vacant) and work out a payment plan with the mortgage company. The mortgage is in my name only. The (dumb) Judge appointed a commissioner to sign the deed over to her just a few months ago, so the property is no longer in my name at this time.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.
Hi bzlizzy,
If the mortgage was in your name only, it was a mistake to list you as a co-debtor.
In any event, since there is no equity in the house, the Bankruptcy court will not be interested in it. However, since the house is in her name only - and even though the mortgage is in your name only - she would have to sign the house back over to you for you to be able to have the right to own or possess it.
Customer: replied 6 years ago.

You said it was a mistake to list me as co-debtor. Should the house have been excluded from the bankruptcy all together?

She is not likely to sign the house over willingly (just out of meanness). Since there is no equity & the mortgage is in my name & she has listed it in the bankruptcy papers as forfeited, I thought about contacting the trustee to see if the bankruptcy court has the power to advise/require her to sign it over.

In the divorce decree, it also states she must keep the home for 20 years. I may be able to go through the superior court to try to get it that way, but I am looking for the fastest & easiest way since the house is almost foreclosed on.

 

Expert:  cfortunato replied 6 years ago.
Since the mortgage is in your name only, you and she are not co-debtors, as you are the only debtor on this loan. However, it was correct to list the property on her petition, as she does own it.
The Bankruptcy court does not have the power to order her to sign the house over to you, even though there is no equity.
Customer: replied 6 years ago.
Before I accept Answer...I upgraded to the monthly subscription so I could ask many questions. I did that after I submitted this question. I just want to make sure I won't be charged for this answer and then again for the monthly subscription. Sorry, don't know where else to ask about it. Thanks.
Expert:  cfortunato replied 6 years ago.
I wish I knew how the payment system works, but I don't.
You should be able to find out by contacting Customer Service at: [email protected].