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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15666
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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My relationship with my girlfriend dissolved in 2008. We still

Resolved Question:

My relationship with my girlfriend dissolved in 2008. We still own a home together, although she has moved out. Prior to the dissolution of the relationship we incurred approximately 60k in debt on two equity lines of credit. We agreed I would pay one bill and she would pay the other. Both accounts are in both our names. I learned 2 months ago by running my credit report she is significantly deliquent in the payments.

She filed Chapter 7 bankruptcy two weeks ago. I have to assume she is attempting to discharge her portion of the debt. What recourse do I have? Will I be responsible for the entire debt now?
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 2 years ago.

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification.

This is a complicated situation, if your girlfriend discharges to loans, her liability would be removed, and the lender can try to foreclose upon the property, you would have to at that point contact the lenders, and advise them you will keep on making the payments to avoid the foreclosure.

Also, any equity in the property at this point may be alf hers, and the Court may force her to sell her share or the entire property to cover her debts.

What you will want to do is hire a bankruptcy attorney to file a proof of claim for your interests in the properties and negotiate a settlement with the lenders regarding you taking the loans over.

Also, you may have to sue her directly in Civil Court to remove her name from the deed, so you can be the sole owner, as she has now removed herself only from the loans and not the deed 

Customer: replied 2 years ago.

I have notified the lender of my intent to continue making payments, which I have solely for the past 4 years. I understand she may have rights to 1/2 the equity in the property. There was no informal or formal agreement or contract made. I just paid the mortgage/taxes/maitenance after she left.


 


We made an oral agreement to the lines of credit. She reneged on that agreement.


 


The equity in the home is only 8k-10k. Hardly enough to paydown the debt. It seems either way you slice it, I am going to have to give her money to remove her name from the title AND I am going to have to bear the cost of the credit which possibly will send ME into bankruptcy.

Expert:  WALLSTREETESQ replied 2 years ago.

That is possible, however, if you have made payments the last 4 years, you would be entitled to a credit for your payments, and in cases such as these you would have to sue her in a partition action, and ask the Court to remove her name, and give you a credit for the last 4 years payments you made on her behalf.

If you do this, she would owe you money for the property.

Customer: replied 2 years ago.
Hmmm...OK, thank you very much
Expert:  WALLSTREETESQ replied 2 years ago.

You should determine how much you paid in the last 4 years, and her share which would be half is owed to you as well, and consider suing her after her case for that amount.

This has to be done after the bankruptcy.

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15666
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you

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