Here is my situation:
I was divorced a couple years ago, wife got the house and the mortgage, and the second mortgage in the divorce. I just finally have discovered the mortgage and the second mortgage still have my name on them and they will not be removed. My name is XXXXX XXXXX house. So I now have about $500,000 of debt on my name with no asset
to offset it at all.
Also, my exwife just did a mortgage modification because she can barely afford the payments. She has no intention of selling the house soon and when she does, it probably will not sell for enough to cover the mortgage and 2nd mortgage. There is a possibility she will end up filing for bankruptcy at some point.
Besides that I have:
Personal loan debt around $10,000
I also and the gaurantor of a small business credit card account with about $13000 of debt on it. That business is on the verge of bankruptcy.
So, I am thinking perhaps I should file Chapter 7
. My goal would be get my name off the 2 enormous mortgage loans - since at any point my ex wife may file for bankrupcy plus these beasts make it impossible for me to ever get a loan for anything. I would hope to also clear the personal loan debt and remove my liabiity fromthe business credit card debts
I have a solid job and same employer for past 11 years.
I would probably be interested in buying a house in perhaps 2 years.
What do you think? Is Chapter 7 a decent option for me?