Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
Thank you very much for your reply.
If I do not amend my paperwork, what would the repercussions be to me (other than still being responsible for the debt)? And, what would the repercussions be to my ex-wife?
Also, you mentioned that the property's bankruptcy status wouldn't affect my ex-wife's credit much... Any way to quantify "much"? And, will the joint property remain in bankruptcy status forever?
If you don't list the mortgage loan in your bankruptcy, then you will not get a discharge from the debt - - which means that it will be as if you never filed bankruptcy as to this debt. Also, there should be no actual affect on your ex-wife because she hasn't filed bankruptcy.
What I meant by the bankruptcy not affecting your ex-wife "much" is that there should be no actual legal affect on her. BUT, the account would have a notation that it is in bankruptcy, which would appear on her and your credit report since the debt is joint. Your ex-wife certainly would have the right to clarify that it's your filing - - not hers - - and that she is still responsible for the debt. Thus, the only real affect on her would be having to explain why there's an account with a bankruptcy notation on her credit report.
Nothing should remain in bankruptcy forever. Instead, your interest in any joint property can be liquidated and sold if it has value - - that's really up to the trustee. Usually, the trustee doesn't go after jointly owned property unless there's a lot of equity/money in it.
I hope my post answered your questions, but if you need something else, please let me know. Thanks.