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How is spouses credit affected if her name is XXXXX XXXXX bankrupt business Husband boug

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How is spouse's credit affected if her name is XXXXX XXXXX bankrupt business? Husband bought a building for business purpose.He signed promissory note at closing. Is working but cannot continue to pay huge mortgage on property. Business never got off ground. Will he lose house if he files for bankruptcy? Incidently,credit is excellant at this time.
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 3 years ago.

Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney here to assist you.

 

If the spouse is not on the loan and not a member/owner of the business, none of that will effect her. Also, the spouse's credit will only be effected by joint accounts/debts that the couple has. Individual debts of the spouse will not effect her credit.

 

If he files bankruptcy, he can likely keep his property by re-affirming the mortgage with the lender. So long as he is current on his mortgage payments, this should be allowed.

Customer: replied 3 years ago.
We currently have no mortgage on house (which is in both names) until he took about 33% equity loan also used for building. Are you sure he has no cause to worry about losing house?
Expert:  Roger replied 3 years ago.

My question was answered assuming that you had a mortgage on your home.

 

In the case where there is much equity in the home and a small loan, yes there is exposure and a possibility of losing the home because Ga. only has a $20,000 homestead exemption. This means that the remaining equity in the home (after considering the equity loan) is available to creditors to liquidate and pay on their claims.

 

In this case, I would recommend that he consider filing a Chapter 13 instead of a Chapter 7. This will require him to pay back his debts, but he can keep all of his property.

 

 

Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 27060
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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Roger
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