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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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What happens if I file a bk and I own a rental condo with my

This answer was rated:

What happens if I file a bk and I own a rental condo with my wife?

cfortunato :

Hi JACustomer,

cfortunato :

Does the condo have any equity? (Equity = current market value minus the balance on the mortgage.)

Customer:

yes about $125,000

cfortunato :

Is the condo marital property (basically acquired during the marriage with marital funds)?

Customer:

It was my wifes home before we married, then when we married I went on the deed during a refi

cfortunato :

Sorry for all these questions, but this is a tricky topic,

Customer:

no problem

cfortunato :

How much equity did the condo have at the time of your marriage?

Customer:

Homes were worth more then so equity was about $150,000

Customer:

We were married in 2004

cfortunato :

If the condo has less equity now than it did then, it did not appreciate during your marriage. This means that even though your name is XXXXX XXXXX the deed, all the current equity is separate (not marital) property.

cfortunato :

This also means the condo would not be affected if your file a Bankruptcy on your own.

Customer:

That is very good news. Thank you.

cfortunato :

You're welcome!

cfortunato :

Please don't forget to hit the "ACCEPT" button.

cfortunato :

Thank you.

cfortunato and other Bankruptcy Law Specialists are ready to help you