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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I am recently divorced and gave the marital residence in which

Resolved Question:

I am recently divorced and gave the marital residence in which I am co-debtor back to my ex-husband. In the Decree it was stipluated that if my ex could not re-fi by June of 2012 the hosue is to be put up for sale. I just learned that my ex filed for Chapt 13 and while the house is not included, it is listed as an asset and the Mtg company claims they are monitoring the account. My lawyer explained that Chapt. 13 laws could protect him form not having to do several things in the divorce decree one them being having to sell the house. This would leave me as a co-debtor for the next 7 years! My lawyer want's $15,00 upfront to "dig into" the situation and see what my rights would be in this situation. I paid what I feel is far too much for the divorce already and don't have $1,500. What can I do?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.
Hi JACustomer,
1) What is the current market value of the house?
2) What is the balance on the mortgage?
3) Is your ex-husband still living in the house?
4) Does your ex-husband not want to sell the house?
5) Are the mortgage payments current?
Customer: replied 5 years ago.

1. appraisal done in 2011 valued it @ $123,000.00

2. Roughly $109,000.00

3. yes, I gave up the house in mediation thinking he could re-fi. But since he couldn't due to his $63,000+ of credit card debt, the clause was made that he woudl have until June 16th of 2012 to re-fi, if he oculd not then 10 days after June 16th 2012 the hosue must be put up for sale.

4. Probably not

5. As far as I know, it was stipulated in the decree that I have 24 hr on-line access to our Chase Mtg account as well as receive montlhy notifications when the mtg payment had been made. When this wasn't happeing, I got line line to see what was going on and thats when I learned that the account was no longer accessable. (another breech of the decree) I called chase Immed. and thats how I learned of the Chapt 13 and that though the home was not included in the Chapt. 13 it was being monitored. But when my divorce sent me the paperwork he found on the my ex's Chapt 13, the house is listed as an asset. This confuses me, if the house is not included then why is the mtg company consider it in Chapt. 13? I just want off the darn Mtg. and not have my credit ruined!

Expert:  cfortunato replied 5 years ago.
Your ex-husband's Bankruptcy can discharge his the obligation to pay his debts - including the obligation to pay the mortgage. His Bankruptcy would not affect his non-monetary obligations pursuant to your divorce decree - such as the directive to sell or re-finance.
However, the Bankruptcy can affect the timeframe involved, as the automatic stay, which goes into affect as soon as a Bankruptcy is filed, can delay the sale.

I think this is what you wanted to know. If not, please let me know.
Thank you.
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